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Six month encouraging turnaround for Synergy

Six month result shows encouraging turnaround for Synergy

Synergy International Limited has made a net operating surplus of $490,611 for the six months to 30 September 2002, compared with a $404,652 operating deficit for the same period last year.

Synergy Chairman Philip Shewell said much of the improvement in profitability stemmed from decisions made late in 2001 to reduce overhead costs and build a more resilient structure to cope with the ongoing difficult market conditions.

“Revenue of $17,023,694 for the April to September period represents an increase of 4.7% over the corresponding period last year and remains above the industry average.

“Our cash position is strong, having increased by $758,871 for the six months which again reflects improved cost control across the company.”

Mr Shewell said significant progress had been made on the international business front with the establishment of a UK subsidiary company – Synergy New Zealand (UK) Ltd - and the signing of a contract with a major UK company.

“Future growth in the Singapore market is also looking promising and we’ve now established a presence there with the support of Trade New Zealand using shared offices and facilities.”

Synergy Chief Executive David Irving said the uncertainty prevailing within the New Zealand market meant the remaining six months of the year would be challenging for the company.

“We’re pleased to be in such good shape given the market conditions but we still need to keep our focus on cost control and retaining profitability.

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