Novar, the diversified building materials group that includes electrical brands such as MK, Ackermann, ADE, Bardic and Friedland, reported a pre-tax loss of £5.9 million in the year to 31 December 2001.
This is against a profit of £185 million in the previous year.

Novar warned that it could not yet call a market recovery and said that it would cut a further 800 jobs across the group. It has already cut 1300 jobs over the past year.

The Intelligent Building Systems division, of which all the above mentioned firms are part, faired poorly. Operating profits of £48 million for the year to 31 December 2001 were down on the previous year by 23% or £14 million, while turnover was up by 24%.

Source

Electrical and Mechanical Contractor