Rossendale, Lancashire-based P&P Plc has reported half year turnover at UKP119.3m, down from UKP120.7m last time, with a pre-tax profit of UKP1m down from UKP3.3m. Net profit was down to UKP500,000 from UKP2.1m last time. The company is still struggling to stablilise after recessionary pressures and re-organisation costs resulted in a UKP2m loss overall last November (CI No 1,855). Although the pressure on margins is unlikely to relent, particularly in computer product sales, the return to profit, however slight, is considered encouraging. According to Nick Melvin, the company’s marketing manager, both the corporate and product divisions are performing well and improvements in European operations, which have suffered badly, are also hoped for. Overheads have decreased following restructuring and ICI Computer Systems Ltd, acquired in February, is also making a postive contribution (there are no exact figures for this). Attention will continue to be focussed on cash and asset controls – net assets at May 31 stood at UKP46.4m.
