Wyko Group chief executive Richard Johnson and finance director Geoff Winters have turned the industrial distribution and precision engineering outfit’s £4.1m loss of 1994 into a pre-tax profit of £8.1m. Meanwhile the dividend has grown to 3p.
Analyst Nigel Harrison of stockbroker Williams de Broe who was spot on with his profit forecast last year, reckons the company is good for £11.3m in the current year to April.
He attributed management’s success to ‘injecting professional efficiency and discipline, heaving out business which were dogs and bringing in new interests (£22m worth last year) that complement the good ones already there.’
Harrison highlighted the improvement in distribution margins over the three years – up from 2.1% to 9.7% in the second half of last year.