Datrontech's share price seesawed again today as the distributor released six-month figures showing increased sales but a drop in profits.
Two weeks ago, Datrontech's share price fell to 75 pence, from an all-time high of over #3, but rallied a week ago to #1.20. Today, after the announcement, Datrontech's share price stood at #1.10.
Steve King, deputy chairman of the distributor and co-founder, claimed the results showed Datrontech was weathering the storm. He said: "We believe that the company's performance has been creditable in a very difficult market. Trading conditions have continued to be very difficult since we issued our trading statement in May and we remain dependent on the fourth quarter's peformance."
Now Mark Mulford, ex-Frontline supremo, will become CEO of the company, Datrontech said today. That follows the appointment of Gerard Connolly as group finance director.
The figures showed that Datrontech's turnover rose by 33 per cent to #125.8 million, compared to #94.6 million in the same six months last year. Pre-tax profit, however, fell from #3.7 million last year to #3.2 million this year.
King thought that the appointment of a whole new management team will help his company, with subsidiaries in Europe to improve its position in the market.
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