Compel has doubled its full year pre-tax profits and increased turnover by a third, the reseller and services company said yesterday.
Its preliminary results for the year ended 30 June 1997 showed profits of #5.1 million on turnover of #111.8 million, which compares to profits of #3.2 million on turnover of #85.6 million last year.
Neville Davis, chairman and chief executive of the company, said that Compel had improved its margins and saw strong performance from Hamilton Rentals, which it bought in January this year.
?We have increased our size, extended the range of services we offer and grown the breadth and depth of our customers. We enter our new financial year in a strong position. The markets which the group addresses remain healthy and I expect they will continue to grow for the foreseeable future.?
Gross margins, said Davis, had increased from 17.3 per cent to 18.6 per cent this year, while Hamilton?s midrange systems and rental business stayed stable at 23 per cent.
He said that Gordon Towell, who has been a director of Compel for the past seven years, and a non-executive director for the past two, will resign from the board on 30 September.
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