Mark Mulford, chief executive at Datrontech Group, has stepped down from his position as the distributor released figures that included exceptional items of £7.9m.
Mulford, who was brought into Datrontech to reverse its financial decline, will remain at the distributor to look at the possibility of developing its ASP business in the mobile and computing areas. Ray Peck has been brought in to replace him as chief executive. Mulford, who holds 1.92 per cent of the company's shares, was the founder of Computer 2000 in the UK, formerly known as Frontline.
Ray Way, chairman at Datrontech, admitted in a statement that: "1999 was a difficult year for the Group and the immediate task is to achieve a much better level of profitability."
In the year to 2 January, Datrontech achieved a turnover of £200.7m, down from last year's figure of £223.3m. It made a loss of £8.199m, which included exceptional items of £7.9m, from last year's profit of £2.045m.
The exceptional items included a £3.6m goodwill write-off following the disposal of RDT and the closure of the Eastern European companies, and a tangible loss of £2.669m on the aforementioned closures. The net debt for the Group has now been reduced from £18.1m to £12.5m.
The statement also revealed that, in line with its competitors, the Group's trading in January and February was disappointing but that sales picked up in March. But Way warned that it was too early to predict with certainty whether this encouraging improvement will be maintained.
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