ID bosses confident despite drop in sales
SALES at ID Support Services dropped by around £2m to £27.7m in the year to June 30, 2010, according to newly-filed accounts.
Despite this, directors at the Middleton-based installer of CCTV, fire protection and air conditioning systems declared themselves “pleased” with progress at the firm due to an improvement in profit margins and a reduction in costs.
Adjusted earnings before interest, tax, depreciation and amortisation increased by £500,000 to £1.4m, but when interest and other charges were accounted for it declared a pre-tax loss of £1.5m – a reduction from £2m a year earlier.
Directors at the firm said the sales decline reflected “a change in the sales mix away from contracted installation of air conditioning systems” and a concentration on higher margin work.
It said that growth would be closely controlled to ensure that customer service standards would be maintained, but added that it would “continue to look and has available funding for further suitable acquisitions”.
ID Support Services Group is backed by Glasgow-based private equity firm Penta Capital, which took a controlling stake the company from Aberdeen Asset Managers in a £25m deal in 2008.
It employs around 220 people and is run by chief executive David Metcalfe. Its client base includes retailers such as Next, Sainsbury’s, Dixons Stores Group and Argos.
During the year, the company’s net debt increased to £23m (2009: £21.8m).
