SPOT Group have announced a better than forecast performance in Q4 resulting in the Group delivering above forecast EBITDA for the year.
Following the well-publicised losses in Spicers from 2014, results for 2015 indicate a solid operational turnaround within Spicers producing a near breakeven result for the year. OfficeTeam also had a positive end to 2015, with profitability retained at industry leading levels and record new business wins creating a positive springboard into 2016.
Commenting on the results, Jeff Whiteway, Group CEO of SPOT,
“We have focused on the core values in Spicers, ensuring stock availability, service quality and supporting dealers to profitable growth. Whilst we have an exciting array of new initiatives yet to launch and still have not completed work on these core values, the results are pleasing and thus far prove we are on the right track enabling us to invest for the future. Better Capital, who are the 5th Private Equity investor I have worked with are providing excellent support and have allowed the business to seek bolt-on acquisitions to further enhance the strength of SPOT and the benefit Spicers can provide to its dealers.”