Freshwater trading improves
PR and marketing group Freshwater UK said its trading position “substantially improved” in the last six months after seeing a huge rise in pre-tax profit.
In the six-month period to February 2011, the group, which has offices in Leeds and Sheffield, saw its pre-tax profit recover to £208,952, compared to £31,798 the year before. Turnover was £3.3m, slightly down from £3.7m in 2010.
The firm, whose clients include the National Grid and Hull City Healthcare Partnership, said the improved profitability, combined with support from shareholders through an open offer in April 2010, enabled the group to reduce tax, bank borrowings and earn-outs liabilities by £940,000 to £1.21m over the last 12 months. It de-listed from AIM in November 2010.