Hasgrove expects to announce profit fall for 2011
Marketing services group Hasgrove has revealed that for 2011 it expects to report a pre-exceptional operating profit of £0.8m.
The group, which owns Amaze, The Chase and Interact, has reported that it expects to report gross income for last year at around £16.5m, ahead of 2010’s figure of £16m, however its operating profit of £0.8m is less than half of the previous year’s profit of £1.7m.
The group’s net debt was reduced to £1.5m by 31 December 2011, as a result of advance payments totalling around £0.7m from a number of clients.
Paul Sanders, group chief executive, said: “2011 was a year of change for Hasgrove, resulting in improved trading by the year end which has continued into the start of 2012. We are focused on delivering a strong first quarter, which will provide a platform for continued growth throughout 2012.”
The Group expects to publish its full year results for the year in April.