1,000 jobs may be lost in APV restructuring: Warning of poor 1993 first-half results
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.APV, the food and beverage manufacturing equipment maker, is embarking on a pounds 20m restructuring programme that could involve the loss of 1,000 jobs worldwide.
At the same time APV, reporting a fall in pre-tax profits last year from pounds 26.7m to pounds 21.1m after a net exceptional charge of pounds 6.3m, warned that first-half profits in 1993 would be hit by a slower order book and tough price competition. APV shares fell 11p to 101p.
Clive Strowger, chief executive, said that the restructuring programme had yet to be announced, but that the main thrust of the exercise would be in North America, France and the UK. Asset writedowns as well as job losses would be involved.
APV's pre-tax profits were struck after a pounds 28.9m profit on the sale of its Vent-Axia subsidiary in December, a pounds 12.6m loss on other disposals and closures and a pounds 20m exceptional charge for restructuring.
A final dividend of 3.4p makes an unchanged total of 5.4p. The worst performance last year came from APV's dry foods division, where operating profits plunged from pounds 9.3m to pounds 2.8m. Half of the downturn was in its French retail bakery business, which slumped into losses of pounds 3.5m.
Profits in liquid food, supplying the dairy, beverage and soft drinks industries, rose only marginally from pounds 8.7m to pounds 8.9m despite a 16 per cent sales gain to pounds 329.9m because of competitive pressures on margins.
APV has created two new business segments to reflect an internal reorganisation that it aims to implement in the coming months.
Sales companies increased profits from pounds 4m to pounds 7.4m and industrial activities, containing APV's manufacturing and distribution companies, saw profits slip from pounds 17.8m to pounds 15.4m.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments