Bullish forecast from Inveresk

News by

01 July 2003

Inveresk has announced that it is expecting to report operating profits of 2.3m and pre-tax profits in excess of 1.5m for the first six months of this year, in a massive turnaround for the Scottish papermaker.

The improved results, announced at the companys AGM on 27 June, reflect a considerable improvement for the Scottish papermaker since former Klippan director Alan Walker took over as chief executive in November last year, when Klippan acquired the Caldwells mill in a 2m plus deal (PrintWeek 1 November 2002).

At that time, Inveresk posted an operating profit of 338,000, with exceptional costs due to closures and redundancies creating a 10.2m post tax loss.

Walker said he was delighted by the recent improvement in the companys performance.

The market remains tough and challenging but we continue to plough forward with our progress, he said.

The companys half year results for the six months to 30 June are due to be announced around 28 July.

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"This is a repeat of what happened to 1066 Capital t/a Crystal a year ago. They also never put this company in administration. We are all still left unable to claim the redundancy and notice pay owed..."