Household and personal care products group IWP International today said it narrowed its full-year losses and expects to significantly grow its operating profit in the coming year.
The company's chief executive, Mr Jim Murphy, said: "The improvement in operating profit and reduction in debt is encouraging and the various actions taken over recent months should enable us to significantly grow operating profit in the coming year."
He said the company recognises that further work needs to be done to position the group for a strong profitable future, delivering returns to shareholders.
In its year to March, total sales dipped to €194.1 million from €361.1 million, reflecting the sale of the household division in 2002, hampered also by the adverse exchange conversion and elimination of unprofitable sales.
Operating profit before goodwill and exceptional charges from continuing operations increased by €1.5 million to €4.0 million.
Pretax loss came in at €12.614 million from a loss of €82.632 million earlier. Net debt was cut from €97.1 million to €77.1 million as at the end of March. Basic loss per share was 18.48 cents versus a loss of 102.12 the year before.
The overall operating margin on sales from continuing operations increased by 1.0 per cent to 2.3 per centt, but the company said steps will be taken to ensure that further improvement is delivered. The results include a pre-tax net exceptional charge of €11.4 million, which is €2.4 million below that anticipated in its pre close statement of March 26th.