Network Group Holdings has seen revenues decline but says it is ‘well placed’ to take advantage of an upturn in the market, according to its annual report and accounts for the year ended 30 November 2009.

The firm’s results reveal:

• Revenue fell from  £61.6m (2008) to £52.1m (2009)
• Gross profit dropped from £23.9m (2008) to £18.3m (2009)
• Operating profit of  £1.08m down from  £1,1m (2008)
• Profit before tax of £752k up from £480k
• Net debt reduced from £8.42m to £2.32m

The statement adds: “The group is experiencing an improvement in trading conditions in some of its market sectors, however we continue to remain cautious in our outlook, as the economic conditions remain challenging making it difficult to predict the current year with any certainty. 

“The overheads of the group have been significantly reduced and continue to be monitored closely.

“With the reduced cost base and the group’s diverse portfolio of business sectors, we believe the group is well placed to take advantage of the upturn in the market.”