Organic box scheme operator Abel & Cole Ltd has turned a loss into a profit in the year ended 31 August 2010 thanks to a financial restructure and increased sales.
After posting a loss of £2.2 million in earnings before interest, tax, depreciation and amortisation in the previous year, EBITDA in the last financial period rose up to £1.9m in the black.
Finance director Ted Bell told freshinfo: “Following the successful refinancing of the business in February 2010, trading has improved. Costs have been cut and the management structure flattened. We have improved the quality of our products and focused on marketing, going back to our core brand and working hard to retain our customers.”
The firm turned over £28.7m during the period compared to £31.7m in the year to end of August 2009, and its financial restructure cost £1m.
