SMC bounces back into the black
The Alternative Investment Market-listed practice has reported before-tax profits of £1.6 million compared to a £4.9 million loss at the end of the same period in 2007.
SMC’s turnover has only increased 4.3 per cent during the same period, going from £21.1 to £22 million. But costs have fallen by nearly £6 million.
Chris Littlemore (pictured), SMC’s chief executive, said: ‘I am delighted to be reporting these results as chief executive. Following the re-structuring of the group and its focus on one united goal, these results demonstrate that the business in its current form has a solid platform for growth.'
It is understood that the restructuring has resulted in the closure of a number of SMC's under-performing practices.
However, last year's slump and the tightening of belts across SMC has seen the group bounce back, and it is even looking to open more international offices.
The group’s chairman, Rodney Walker, said: ‘Our international division continues to be an exciting area of growth for the business, particularly the Far East. International clients represented 11 per cent of sales in the first half [of 2008] compared to just 2.5 per cent in same period of 2007. In August we opened offices in Malaysia and we will establish a presence in the UAE [United Arab Emirates] in September.’