ADVEO reports 8.7% drop in turnover
| 31 July, 2014
ADVEO net profit after minority interests and discontinued operations increased by 0.8 percent during the first half of the year to reach 6.75 million euros but turnover was below expectations as a result of lower demand.
Total revenues stood at 504 million euros, representing a decrease of 8.7% compared to the same period the previous year. The decline was greatest in electronic office supplies, although this decrease was partially offset by a 4% growth in sales of traditional office supplies. Revenues from services increased by 20%.
In the first half of the year, ADVEO says it achieved a significant reduction in overheads, particularly an 8.4% decrease in personnel costs.