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Tullis Russell Group Press Corner
Tullis Russell Group Results 2003/2004 Fife-based Tullis Russell, the independent employee-owned quality paper manufacturer and specialist coater group, has reported another strong profit performance which has helped the group to strengthen its positive net funds position.
The group made a pre-tax profit of £3.5m. This was after restructuring costs of £0.8m. This result compares with a pre-tax profit of £5m last year.
The group’s net positive funds increased from £0.27m at the start of the year to £1.48m at the year end.
Chief Executive, Fred Bowden, remains cautiously optimistic despite extremely difficult market conditions which show little sign of recovery. Bowden said ‘Market conditions remain difficult. In the last year we have seen a further two Scottish mills forced into closure. Against this backdrop our result, although down on last year, is solid.
We remain committed to developing our value added products while retaining strict cost control across all areas of our business. These measures will help us to protect our profit margin against weak demand and rising pulp prices’
For specific comments please contact Fred Bowden (Chairman and Chief Executive) or Chris Parr (Group Finance Director) on 01592 753311.
- Ends - For further information, please contact: Fergus Reid/Anna Bondesson Citigate SMARTS T: 0141 222 2040
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