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September 23, 1998

M-R GROUP LOSS MAKER SEES TURNAROUND

By CBR Staff Writer

M-R Group Plc, the London-based document management company, finally looks in shape for a healthy period of growth. The company was one of the darlings of the London stock exchange in the early 1990s as it moved out of the microfilm market, but its first acquisition Memex, turned out to be a disastrous loss-maker that crippled M-R’s performance. M-R tried to sell off Memex without success and Memex has now seen a turnaround with revenues of 5.1m pounds though income dipped from 1.3m pounds to 800,000 pounds. In M-R’s core document management business, the 5.7m pound acquisition last year of PCL Ltd, a data capture and information management company, has given M-R an integrated range of products covering the entire document life-cycle. M-R revenues increased 18.7% last year to 46.8m pounds and income was up 21.6% to 4.9m pounds. M-R is unlikely to make a spectacular start to the current year as it faces the costs of bidding for large contracts. But it says it has a healthy order book, is increasing its presence in the systems integration and outsourcing markets, and plans to expand on both sides of the Atlantic.

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