Business

Riding out the storm

Glotec crowned a dismal financial year by reporting results that saw revenue capped by losses. But management insists the group is now structured to weather the turbulence and emerge as a survivor of the tech industry`s perfect storm.

01 May 2003

Global Technology`s financial results for the year ended December 2002 are a veritable litany of woes. The group was last year beset with just about every type of corporate disaster imaginable: high interest repayments, a bad showing from associate companies and foreign exchange losses through to poor trading conditions and bad debt write-offs.

Perhaps most alarming for shareholders was a statement in the results that the group`s auditors, Deloitte & Touche, “raised an emphasis of matter with regard to the ability of [Glotec] to continue as a going concern”.

ITWeb Premium

Get 3 months of unlimited access
No credit card. No obligation.

Already a subscriber Log in