Wakebourne hit by pounds 18.6m loss: Write-off of US investment drives computer specialist into the red
Tuesday 12 April 1994
The losses compared with profits of pounds 453,000 the previous year. But Wakebourne's UK computer support arm, which now forms the bulk of the company's business, saw operating profits of pounds 2.6m, excluding discontinued activities.
There are also plans for a reduction of capital to eliminate the deficit on reserves and a consolidation - every 40 shares of 1p converted into one new ordinary share of 40p - to improve the marketability of Wakebourne shares.
The results were foreshadowed in a circular to shareholders last year. Yesterday Leslie Warman, the newly appointed chairman, said: 'In the first quarter of 1994 a number of significant new contracts have been won and this, together with a backlog of orders, augurs well for the year ahead. The board is very clear about the direction in which it wishes to drive the business, both organically and with complementary acquisitions.'
Maddox's chairman, Hugo Biermann, a South African entrepreneur, resigned in November after the company announced huge losses. These were dominated by Maddox's stake in, and loans to, a US company, Lantek, taken when the American firm bought two Maddox divisions, Seacoast and Cables & Flexibles. C&F was later put into receivership. Mr Warman said: 'There have been no firm developments concerning the discussions of a possible merger of Lantek with VTX Electronics.'
Turnover rose from pounds 6m to pounds 22.2m. The loss per share was 3.6p, against earnings of 0.1p. The shares fell 0.75p to 3p.
Bottom Line, page 28
- 1 Rice Bucket Challenge: India's take on the Ice Bucket Challenge 'for Indian needs'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 5 Car tax disc changes: Make sure you know the new rules from 1 October or risk £1,000 fine
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
The 13 obscure UK laws you didn’t know you were breaking
13 laws you didn't know you were breaking
Car tax disc changes: Make sure you know the new rules from 1 October or risk £1,000 fine
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
Jeremy Clarkson is a cultural tumour and needs to be removed, says comedian Frankie Boyle
Air strikes? Talk of God? Barack Obama is following the jihadists’ script after James Foley beheading
- < Previous
- Next >
iJobs Money & Business
£23000 - £26000 per annum: Ashdown Group: Account Executive / Client Services ...
£36000 - £38000 per annum: Ashdown Group: Executive PA to CEO & Executive Dire...
£25000 - £28000 per annum: Ashdown Group: Generalist HR Administrator - Tunbri...
£45000 - £75000 per annum + benefits+bonus+package: Harrington Starr: Senior C...