The Financial Week Ahead - CCTV boosts Blick.
In the spotlight: Security firm accountant chief enjoys bulging order
Workplace security system manufacturer, Blick, this summer reported a £15m order book boom that chief executive and chartered accountant Michael Lee said would herald better days for the once struggling group.
Today Lee is due to announce annual results reflecting the increase in turnover this year by 42% that has gone along way to offset pre-tax profits which were down £4.29m in June.
Blick’s innovations include the UK’s first high definition closed circuit TV system.
Lee said: ‘I took over a year ago, and set about setting strong foundations for growth which I believe are in place.’
Directors in October predicted exceptional items for continuing businesses would be ‘not be less than £10m,’ and its core businesses were performing well with increases in sales, and order books remaining at near record levels. Lee also announced a significant reduction of its holding in joint North American venture CyberShift.com.
The stateside review involved a one-off revenue reduction of £1.544m as part of a stringent assessment of revenue recognition in line with US GAAP, as well as the appointment of the Bank of New York to advise on funding options and corporate structure.
As well as securing a high-profile order from National Grid, Lee said he was searching for a private equity firm to invest in its US business.
Zimbabwean Michael Lee, 48, joined the Blick Group in 1988 as group finance director and was appointed as chief executive last May.
He is a member of the South African Institute of Chartered Accountants and the Institute of Chartered Accountants of Scotland. Lee has held senior positions in the computer and electronic industries at Burroughs Corporation and Thorn EMI in South Africa, before moving to the UK in 1986 as group FD with office equipment group, Equipu.
FD Garry Peagam, 44, joined the Blick Group last year and qualified as a chartered accountant in 1992 with Arthur Andersen.
www.blick.com.