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Healthy operating profits for Team
00:00 04 Aug 1994
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Team Services has announced a new md to replace Paris Moayedi,
leader of the breakaway faction from Walter Lawrence that founded
the company in 1988.
Mike Richardson, who was recruited two years ago, and only brought on to the board last April, will leapfrog the remaining founder directors to the top job.
Speculation is mounting that Team will go for a stockmarket listing to give investors and directors a means to cash in their chips.
A listing would also bolster the company's balance sheet. Although it has ridden out the recession well, Team is struggling with the burden of buying out the schemes of a collapsed client in 1990.
Figures released this week for the year to March 1994 show healthy operating profits of œ2.37 million. But these were almost wiped out after interest charges of œ14.9 million. Pre-tax profits were just œ301,000, after œ800,000 of exceptional items, on turnover up 37% at œ77 million.
Mike Richardson, who was recruited two years ago, and only brought on to the board last April, will leapfrog the remaining founder directors to the top job.
Speculation is mounting that Team will go for a stockmarket listing to give investors and directors a means to cash in their chips.
A listing would also bolster the company's balance sheet. Although it has ridden out the recession well, Team is struggling with the burden of buying out the schemes of a collapsed client in 1990.
Figures released this week for the year to March 1994 show healthy operating profits of œ2.37 million. But these were almost wiped out after interest charges of œ14.9 million. Pre-tax profits were just œ301,000, after œ800,000 of exceptional items, on turnover up 37% at œ77 million.
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