Troubled networking distributor Azlan has clawed its way back from the brink, posting a pre-tax profit of £5.5 million for the year ended 31 March, 1999.
This compares to the company's loss of £6.8 million for the same period last year.
The 1999 figures were before exceptional costs of £1.6 million. Sales were up 17 per cent to £343 million, with the second half showing 25 per cent growth.
Azlan product business turnover was up 20 per cent to £293 million. Training increased by only eight per cent to £40.8 million. Services grew from £200,000 to £1 million.
Azlan chairman Barrie Morgans said the company had made it a priority to improve product sales.
"We have achieved this and are now the major network vendors' preferred value added distributor in Europe," he said.
Operating cashflow was £6.3 million positive, from last year's £10.6 million negative. A new three year £30 million syndicated bank facility was put in place.
Second half sales were particularly strong and this trend continued into the early months of this year, said Morgans.
"Our balance sheet strength, together with our new funding facility, provide capacity for continued investment and enables us to pursue selective acquisition opportunities should they become available," he said.
Last January, Azlan was given the all clear by the Serious Fraud Office after an investigation into allegations of financial impropriety.
To comment on this story, email [email protected]
Insecticides based on sulfoxaflor might be as bad for bees as neonicotinoids
Intel teases forthcoming new graphics card accompanied by the text "We will set our graphics free"
Think your password manager is completely secure? Think again...
ARM plans 7nm 'Deimos' for 2019 and 5nm and 7nm 'Hercules' for 2020