Avisen eyes return to acquisitive growth

AIM-listed Avisen is planning a return to acquisitive growth in the coming months after restructuring around its core business, business technology and profit improvement specialisAvisen and storage resource analysisoutfit Storage Fusion. The firm put the brakes on a buy-and-build strategy after a b

contract deal siri stafford.jpgAIM-listed Avisen is planning a return to acquisitive growth in the coming months after restructuring around its core business, business technology and profit improvement specialis Avisen and storage resource analysis outfit Storage Fusion.

The firm put the brakes on a buy-and-build strategy after a boardroom clash following the acquisition of investment vehicle Xploite last year.

Last July it sold off a loss-making business in South Africa, and disposed of its IBM Cognos unit, Inca, to Logicalis in March.

However, in a statement to the City today marking its full-year 2011 results, Avisen chairman Mark Battles said that the Group needed to add "more scale to enhance the value of the existing business activities and therefore has identified several acquisition opportunities which it is actively pursuing".

In the 12 months to 31 January 2011, Avisen made sales of £12.3m, up 70 per cent year-on-year, although this includes discontinued operations.

Continuing sales were up a more modest 13 per cent to £2.6m, of which Avisen accounted for £2.4m and Storage Fusion £230,000.

Total adjusted EBITDA improved from a loss of £1.7m in 2010 to £0.3m in 2011, while operating losses widened to £7.8m due to a £4.5m impairment charge and other one-off items.

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