Belper, Derbyshire-based Vistec Group Plc has completed a healthy year to April 30, reporting pre-tax profits up 54% at just under UKP3m on revenues up 4% at UKP32m. Net profits rose 53% to just under UKP2m, after a UKP61,000 net extraordinary gain last time – this resulted from UKP223,000 profit on the sale of a subsidiary which was partly offset by UKP162,000 costs associated with a business closure. Turnover was split UKP31m from the UK, up from UKP30m last time, and UKP1m from other European Community countries, up from UKP733,000 last time, but, whereas UKP40,000 of revenues were generated elsewhere in the world last time, this contribution has now been eliminated. The group’s medium-term debt of UKP2.5m was repaid during the year, though a corresponding facility has been retained, and Vistec completed the twelve month period with UKP4.4m cash in the bank, up from UKP1.7m at the beginning of the year. The Unix software distribution division, Sphinx Level V Distribution, made excellent progress, generating improved margins and increasing profits significantly, partially thanks to a boost in services income. Sphinx has now expanded into communications and network technology, to provide an overall open systems line-up. The end-user sales and services division, Vistec Computer Services, made good progress, though experiencing patchy trading conditions. More tight cost control, however, resulted in strong cash flow, and the division claims to have won some prestigious accounts in system sales to large corporate customers. The Engineering Services operation, too, brought in new custom and is proud to have been awarded a BS5750 quality accreditation award for the improved level of services it now provides. Chairman Bob Morton is looking to organic growth as well as expansion by suitable acquisitions as the way forward in building Vistec to become a leading all-round computer systems, software and services supplier.
