A rejection of ‘revenue flattery’ saw Manchester-based Nimans deliver a healthy margin boost as operating profits leapt to over £3 million for 2011 – a rise from 2.9 to 4.2 per cent of turnover.
In a further tonic, net assets increased by almost £2 million to £17.65 million. Staff numbers were also on the up, growing from 228 to 241, as the company continued to invest in a high calibre work force.
“These results are consistent with the board’s expectations given the current economic environment and leaves the company well positioned for future investment and growth,” said Group Finance Director, David Bennett. “Management and staff have worked hard to deliver a robust set of results in what remains a challenging economic period for the whole of the UK.”
Bennett continued: “A rejection of revenue flattery where we turned away business that delivered no margin – and the ending of a trading relationship with Avaya - saw overall revenue fall by almost five per cent to £74 million. But operating profit grew by 36.2%.
“In these tough economic times, our customers can count on us. Chairman Julian Niman and the board are determined to further expand the business and build on our 30-year trading pedigree. These results demonstrate the stability of the business and its firm financial footing. We are a financially stable company with a long term strategy to enhance our reputation as the industry’s most trusted name. We continue to invest in key areas and investigate compelling new ways to further enhance dealers’ prosperity, so that we can grow together as part of a true partnership approach.”