Accountancy consolidator group Harts Australasia has not performed as badly as it expected in the six months to December 31, 2000.
Harts executive deputy chairman Steve Hart announced this week that its expected operating loss of $9.7 million has ended up being $8.15 million.
Hart qualified the announcement of the group’s loss with the belief that the embattled consolidator group has turned the corner in its struggle to achieve profitability.
“While the result is disappointing, it is clear that the restructuring strategy undertaken by the Board and management earlier this year is already showing positive results. I am confident that the worst is now behind us,” Hart says.
The directors of Harts say that they expect the company to return to profitability for the six months to June 30 of this year. They say the board has taken a conservative approach towards the restructuring of the property division and certain large debtors.
In January this year the share price plunged 30 cents in two days after the company announced an expected loss of $9.7 million for the six months to December 2000. The share price peaked at $1.55 in May last year when the company listed, and at the time of writing was hovering around the $0.17 mark.
