AWD Chase de Vere records 667% profit increase

AWD Chase de Vere's profits increase by 667% during the first three quarters of 2010, contributing to a turnaround for its German parent.

The UK arm of AWD Holding AG reported turnover was up 5.5% to €34.5m over the period comapred to last year. Earnings before interest and tax (EBIT) were €4.6m, up from €0.6m during the comparable period last year.

Overall, AWD Group recorded a turnover of €387.8 m, up 1.7%, helping to boost EBIT to €28.8 m, from a loss of €19.4 last year.

Manfred Behrens, chairman of AWD Holding AG, says: "With the results from the first three quarters of 2010, we have now laid down the basis for a solid level of profitability.

"Over the last three quarters, we have implemented our efficiency measures in an effective and targeted way. This means that in a market environment that remains competitive, the AWD Group has succeeded in achieving a solid level of profitability.

"We will not neglect our efforts to further optimise our processes and sequences or to control our costs."