Financial Services Industry
Industry: Email Alert RSS FeedSYNSTAR (SYN).
Investors Chronicle, December, 2002
Synstar has refocused its operations in order to offer its customers more than just niche disaster recovery and IT maintenance services. Disaster recovery now makes up just 9 per cent of group turnover, while managed services contributes around 25 per cent. The rest of the business consists of supplying networking and data storage solutions - 10 per cent of sales - and IT maintenance. This shift in the business mix is proving even more profitable than chief executive Steve Vaughan envisaged.
Group operating profits on continuing operations rose 18 per cent to GBP8m, even though sales from on-going operations edged up just 1 per cent to GBP220m. Reported profits were dented by a GBP1.5m loss on the sale of Synstars Swiss business. Meanwhile, its biggest client,...
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