Advantage claims recovery underway

In the six months ended December the company made $880,000, up from the previous year's interim net profit of $386,000. The previous result had included goodwill write-offs of around $3 million.

Operating profit fell in the half-year however, from $2.3 million previously to $880,000.

The latest result comes after a considerable restructuring and massive goodwill writedown in last year's annual financial accounts of more than $60 million.

Group MD, Tony Bradley, claims the latest result shows the company's first steps towards recovery following the difficulties of last year.

"The recovery is being led by domestic demand for our products and services, while the international market continues to be slow. The outlook for the second half of the year is for the gradual recovery to continue."

Mr Bradley says the company's balance sheet strengthened over the period with improvements to shareholders funds and reductions in debt and liabilities. Cash flow for the period was neutral.

No dividend has been declared.

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