Netherford Factors, London-based specialists in factoring services to media industry suppliers, has reported a return to profit in the year ended 30 June 2003. Pre tax profit for the period was Ј3,089 compared to a loss of Ј4,563 for the year to 30 June 2002.
Turnover was Ј194,729 for the 12 months to 30 June 2003, a reduction of 12.8% (Ј223,425 – 2002).
Martin Monico, managing director of Netherford, told BCR: “The return to profit was achieved more by the rigorous control of operating costs than any improvement in the 'advertising' scene in 2002/2003.”
Looking to the future, he added: “The first six months of the current year have shown some improvement - an uplift of some 12 5 %. If this is sustained in the first half of 2004 then we could at last drink to the passing of the recession.
“The recession of 1989/1992 ended when we beat the All Blacks at Twickenham. This time we have the World Cup up our sleeve.”
Source: BCR
