This time last year it moved to focus on print management and set about selling its manufacturing groups, including Premier Metropolis, Serigraphic and G&E 2000.
Its turnover from continuing operations fell by almost a quarter to 12.6m, although it did add 6.1m of sales through its acquisition of some of the business and assets of Fairway Logistics.
However, the groups sales going forward will fall further after last weeks announcement of the sale of CCS Potts to Dataform.
Much of the 8.7m loss came from a 5.4m deficit from write-downs from the disposal of operations. The group also made an ongoing operating loss of 2.1m and a loss of 134,000 from acquisitions. Thomas Potts had made a pre-tax profit of 1.6m and an operating profit of 1.9m in the previous year.
Despite the losses chairman Stephen Hargrave said Thomas Potts was trading well within its banking facilities and that progress was being made in reducing indebtedness and increasing liquidity.
The groups highest-paid director received emoluments totalling 168,000 in the last financial year, compared to 148,000 in the previous 12 months.
Thomas Potts ongoing operations are fulfilment business Fairway PSD and Eurographics. The group also has cash in the bank after the sale of CCS Potts.
The year for Thomas Potts
November 2002 Announces strategic review than starts sell-off of manufacturing areas
January 2003 Says it will delist from the AIM because its gaining very little benefit
February 2003 Sells G&E Digital Media
November 2003 Sells CCS Potts to Dataform
Story by Gordon Carson
