A #1m marketing campaign has provided a window of opportunity for
leading double glazing firm Anglian Group.
The group, which has had a bumpy ride since floating on the stock
market in July, announced increased profits and a bulging order book.
Norwich-based Anglian warned last month that profits were not going to
be up to City expectations because of the effects of the recession.
That came after its flotation was shunned by small shareholders who
took up just 6% of the shares on offer.
However, Anglian still managed pre-tax profits of #23.1m in the year
to April 3 compared with #18.62m previously.
Chairman Sir Colin Barker said: ''Signs of a greater willingness to
spend on the part of consumers, combined with a package of marketing
initiatives which we launched in September 1992 have helped reverse the
recessionary slide and have resulted in much improved levels of orders
since Christmas.''
Anglian failed to predict the length of the recession and was also hit
by the fallout from the pound's exit from the Exchange Rate Mechanism on
Black Wednesday.
Interest rate cuts, which coincided with the marketing campaign,
initially did not help Anglian as it reduced the income it made from
cash in the bank.
Orders at the start of this financial year were #6.5m higher than last
time and that will feed through to profits this year.
Anglian, which was bought out from BET in 1991, was floated at 210p
putting a value of #183.5m on it. It is now worth around #294m.
The final dividend is set at 5.8p making a total payout of 9.5p. No
dividends were paid last time as Anglian was not a public company.
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