Tuesday, 18 November 2003
UK/USA - SEOS Limited has recently reported its financial results for the twelve months ending 30 June 2003. Despite the continuing general uncertainty in the global economy and continued turbulence in the airline industry, SEOS experienced an improvement in overall performance. Revenues were ahead of expectations at £23.4 million and gross margins improved by 2%. Retained earnings for the year were £0.5 million, after absorbing an exceptional exchange loss of £0.6 million.
Darren Cosshall, financial director, SEOS, said: "Continued emphasis was placed during the past year on improving gross margins, reducing operating costs and increasing profitability. Significant efforts were also made to improve liquidity and working capital. Considerable progress was made in the period and due to the actions already taken we feel well placed for another strong performance in fiscal 2003/4."
(Sarah Rushton-Read)