Construction News

26/01/2016

Havelock Europa Reaps Benefits Of 'Right Sizing' Programme

Interior solutions provider Havelock Europa has revealed it is benefiting from the decision to cut 100 jobs last year.

The Fife-based business said its 'right sizing and simplification programme' announced on 01 September 2015 has resulted in trading results for the year 'to be in line with its expectations'.

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As of 31 December 2015, the Group was debt free with net cash of £1 million comprising cash of £1.9 million and finance leases of £900,000.

David Ritchie, Chief Executive, said: "We are beginning to see the benefits of the measures taken in late 2015 and, although trading continues to be challenging, particularly in the retail sector, we are encouraged to enter 2016 with an order book of £23m for in-year delivery which is 15% up on 2015."

(LM/MH)

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