Inveresk back in black under new leadership

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02 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, after 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 with the recent improvement in the companys performance.
The market remains tough and challenging, but we continue to plough forward with our progress, he said.

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