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  • BY: Andrew Hore |
  • POSTED: 05/03/2008 |

Regenersis returned to profit in the six months to December 2007. 

Regenersis is the new name for the group formed after the merger of CRC and Fonebak. Both businesses had their problems but management has gone a long way towards sorting them out.

The business can offer a full range of services throughout the life of an electronic product through to its disposal.

Two factories have been closed, unprofitable contracts ended and mobile phone trading ceased.

Activity in Germany has increased significantly and the Polish factory is running at record levels.

The company offers a full range of services to the mobile phone sector and there is an opportunity to do the same with laptops, set-top boxes and other electronic equipment.

The interim figures aren’t truly comparable because the CRC business wasn’t included in the six months to December 2006. The revenues of the Fonebak business fell due to the exit from the mobile phone trading operations, but a £31.1m contribution from CRC enabled group revenues to increase from £38.7m to £55m. A loss of £532,000 was turned into a profit of £1.6m even after exceptional finance and restructuring costs of £440,000.

Net debt has been reduced from £10.5m to £3.1m over the past six months. A reduction in stocks - more than 600,000 phones have been disposed of - and debtors helped in this decrease.

Regenersis has won new business with Virgin Media and UPC and the management is positive about prospects for the second half. The shares rose 4p to 58.5p, valuing the company at £16.5m.

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