Optim Group Plc is confident that a first half pre-tax loss of UKP471,000 is only the usual reflection of the nature of its business, which is much traditionally much stronger in the second half – but the company that is reporting a loss this time is substantially altered from the one that has reported losses for the first half of each of the past five years. That is because it has made a number of acquisitions, and also a closure, that of Butel Technology Ltd. The acquisitions comprise Optim Computers France SA, LPR Office Supplies (Herts) Ltd, JPR Office Equipment Ltd and Datawork Computer Services Ltd, the last contributing for only two months of the half, having been acquired in March. The loss arose primarily because the company is groaning under a debt burden – interest charges in the half were UKP368,000, up from UKP187,000 for the first half last year and UKP465,000 for the whole of last year – clearly something of a bone of contention. The interest burden on present management, as a result of inherited debt, is considerable, says managing director Michael Brennan, adding that (unspecified) steps are being taken to reduce balance sheet gearing. The company adds that trading in the third quarter has continued to grow and that it looks for turnover in excess of UKP14m for the year, which would represent an increase of 40%.
