Fife-based retail and educational interiors specialist Havelock Europa has confirmed a return to profit last year and a “strong base for further progress in 2003”.
The group’s reshaped retail interiors division entered this year “with its best order book and business outlook for some years” according to chairman Michael Kennedy.
Havelock Europa’s pre-tax loss of £2.6m in 2001 was converted into a £3.9m profit last year, while turnover increased from £63.1m to £87.4m.
Net debt at the end of 2002 was £11.3m against £15.7m in 2001. Borrowings have been reduced following the sale in February this year of the group’s share in a Middle East retail and hotel interiors business.
