Educational furniture supplier Havelock Europa has reported that it’s trading in line with the board’s expectations.
In a statement following its annual general meeting for the full year, the group said that orders received during this year were higher than in the same period last year. The group said this was driven by recently-signed framework agreements, with business being won in both the commercial and educational sectors.
In April, Havelock also sold its entire shareholding in printing firm Showcard Print to printing firm Ingleby for £15.2 million, reducing the firm’s debt levels.
As announced in the annual report, Havelock’s chairman Malcolm Gourlay retired from the board at the end of the meeting. David Maclellan, a non-executive director since 2010, will succeed him.
Last autumn, Havelock posted a pre-tax loss of £1.5 million for the six months to 30 June 2011. Revenues grew by 4% on the same period of 2010, to £42.9 million.
At the time, the group also predicted opportunities for growth in its school interiors business.