News blog
William Ransom
- BY: Andrew Hore |
- POSTED: 30/10/2010 |
Natural pharmaceuticals supplier William Ransom says the trading outlook remains challenging because of weak UK consumer spending.
William Ransom is continuing its restructuring and trying to reduce its supply chain costs.
Revenues reduced from £32.5m to £30.2m in the year to March 2010. Last year’s disposals will reduce revenues by a further £3m this year.
The underlying loss fell from £2.41m to £743,000. On top of that there were just over £14m of exceptional costs (mainly non-cash write-offs), partly offset by a gain on disposals of £2.24m. The only profitable division was the natural products division, the smallest of the three. Consumer health and pharmaceuticals divisions reported post-exceptional operating losses of £7.96m and £1.87m respectively. The previous year consumer health reported a profit.
Net debt was cut by £1.1m to £2.7m at the end of March 2010.
Daniel Stewart has replaced Numis as nominated adviser and broker.
Fred Whitcomb, who owns nearly 14% of William Ransom, has replaced Ivor Harrison as chief executive. Chairman David Suddens and Tim Bridge have stepped down from the board. Sir Roger Jones is the new chairman. He has founded and run a number of pharma companies.
At 4.25p a share, William Ransom is valued at £3.59m.
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