Spector: Profit in the first half of 2003

The combination of these factors resulted in Spector’s first positive net result after only six months of the year. The operating result (EBIT) increased by 22.3 percent to Euro 5.4 million. The result before taxes reached Euro 2.2 million compared with a loss of Euro 7.1 million in the first half of 2002. While the turnover of the mailorder photofinishing operations grew by 2.4 percent to Euro 55.5 million in the first half of 2003, the operating result in this segment increased by 10 percent. This improvement in profitability is due partly to hybrid and digital products. The company was also able to increase the number of films processed by 1.5 percent, though a strike by the French postal services during May had a negative impact on incoming volumes. The combined turnover of Spector’s retail activities increased by 5.8 percent to 108.6 million, while the group’s wholesale and export business continued to decline. The management expects that the turnover of this division, which includes Sacap (France) and Fototronic, will be more than 30 percent lower in 2003 than in the previous year.

However, measures already implemented should result in an increase in both turnover and profitability in due time.