Novar, the diversified building materials group that includes electrical brands such as MK, Ackermann, ADE, Bardic and Friedland, reported a pre-tax loss of £5.9 million in the year to 31 December 2001.
This is against a profit of £185 million in the previous year.

Novar warned that it could not yet call a market recovery and said that it would cut a further 800 jobs across the group. It has already cut 1300 jobs over the past year.

The Intelligent ÐÇ¿Õ´«Ã½ Systems division, of which all the above mentioned firms are part, faired poorly. Operating profits of £48 million for the year to 31 December 2001 were down on the previous year by 23% or £14 million, while turnover was up by 24%.

Source

Electrical and Mechanical Contractor