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Versalite Group: 1996-97 performance reviewed

8 January 1998: For the year to 30 June 1997, Britain“s Versalite Group Plc has reported a loss of UK 194,856 (1996: 106,887 loss) giving a loss per share of 0.135p (1996: 0.074p loss). Turnover tota…

8 January 1998: For the year to 30 June 1997, Britain“s Versalite Group Plc has reported a loss of UK 194,856 (1996: 106,887 loss) giving a loss per share of 0.135p (1996: 0.074p loss). Turnover totalled UK 869,559, compared to UK 644,577 for the year to 30 June 1996. In its December review of results, the group“s chairman, Francis Cook, said that these losses were sustained in a period of great change for the companies within the group and at a time when a great deal of effort was being directed towards research and development of new techniques to apply coloured designs to flat glass. In view of the trading results, Versalite does not intend to declare a dividend for the year ended 30 June 1997. Following flotation, the company says it has strengthened its management team with the appointment of an experienced financial controller and a senior sales administrator to support the sales operation. Versalite has now contracted to buy the first automatic machine for the application of heat release transfers of coloured designs to flat glass. It is anticipated that this machine will be installed for production early in 1998 and, once in production, should have an impact on sales volumes and profitability.

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