Avisen swings to profit, confident of further growth after 4 acquisitions in 2009
Performance management consultancy Avisen PLC (AIM: AVI), the result of a the reverse takeover of Avisen Group Ltd by AIM quoted cash shell Z GROUP PLC in February 2009, reported a £505,000 pretax profit in the 11 months to end-January 2009 compared with a £4.9 million loss in the year to February 28 2008.
Since January, Avisen completed the acquisitions of Wexner Global Ltd, Eon Enterprises Ltd and Quadrum Consulting (Propriety) Ltd. Completion of a fourth acquisition, Inca Holdings Ltd, is imminent, the group said.
Chief executive Marcus Hanke commented: “Avisen's management team has grown the business rapidly in a relatively short period of time, both organically and through the pursuit of a targeted 'buy-and-build' strategy. We are confident that we can continue to deliver growth and are excited by the prospect of becoming a leading player in the business intelligence and performance management market.”
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