Decline in UK sales overshadows Ultraframe results as pre-tax profit falls from 拢28.1m to 拢3.6m.
Conservatory manufacturer Ultraframe has suffered a 87% falll in pre-tax profit following a 18% decline in UK sales. Pre-tax profit was 拢3.6m for the year ended 1 Oct compared to 拢28.1.m in 2003. Turnover fell from 拢139.1m to 拢118.2m.
Chairman Rod Sellers chairman said: 'While the Group results are in line with the statement we made in August, the past year has clearly been disappointing in terms of operational performance.
Ultraframe said that the UK market continued to be volatile and competitive. Sellers said: 鈥�'In the new financial year, the competitive environment in the UK remains challenging and we do not expect that it will improve in the first half.鈥�
鈥淥verall, the rate of decline in profitability before goodwill and exceptionals in 2005 should be less than in 2004.鈥�
In the US, core sunroom sales for the years were up 4.5%. There was a 4.&% decline in the Group鈥檚 franchise network but Ultraframe said this was balanced by strong growth in the company-owned retail stores where sales almost doubled.
The results include an exceptional charge of 拢5.3m for a US litigation, which Ultraframe is hoping to win on appeal.
