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Salmat has its work cut out for it

Monday, 03 March 2008
By Print 21 Online Article

Salmat’s acquisition of HPA and launch of website, Lasoo, present their own unique challenges.

At the annual presentation of its half-year results, Peter Mattick, joint managing director of Salmat, said that both ventures would take time to shine. "Although we will not see the full profit potential from these two initiatives this year due to the integration and start up costs, we are focussed on the benefits of these coming on line in 2008-09," he said.

Sales revenue for Salmat was $371 million, an increase of 23 per cent from the previous year. Ashley Fenton attributed this increase to a combination of organic growth across all divisions and contributions from acquisitions such as HPA. Net profit before significant items was $14.3 million, down 8.9 per cent.

Just as HPA and retail site Lasoo were the biggest changes for the company, they will also be Salmat’s top priority throughout the year. "We have restructured all our businesses over the past 12 months and this is a continuing process," said Mattick. "The HPA integration remains our top priority for the time being. Lasoo is also a key area of focus for us as we embark on our journey to make it a household name."

"There is still work to do," he added.

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