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July 1, 1990

VIGOROUS VISTEC HAS MIXED FORTUNES WITH ACQUISITIONS BUT LOOKS FOR MORE

By CBR Staff Writer

Computer supplier Vistec Group Plc of Belper, Derbyshire is not pleased with its year end performance, which saw pre-tax profit up 34% to UKP1.6m on turnover up 201% (swollen by acquisition) to UKP36m. Although the results appear respectable chairman Bob Morton says that the progress the company made in its first half has not been repeated in its second half. This is because of a poor showing from 01 Computers and National Computer Supplies which is attributed to poor trading and poor management. Morton says that all members of management responsible for the group’s trials and tribulations have gone and new management has been recruited externally. Losses from these two companies apparently dragged down good performances from Vistec Business Systems and Level V. It seems likely that the offending two companies may be sold, although Morton says he is keeping both at this stage. In the meantime Vistec is looking for more acquisitions and to this end has negotiated a loan for UKP2.5m from National Westminster Bank Plc. However, Morton does not see fit to pay out a dividend, since, as he puts it: it’s pointless paying cash out with one hand and taking it back with the other through a rights issue. This is particularly so when you have a share price hovering around the rather low 10 pence mark.

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