GRP reaffirms acquisition strategy despite £17.9m loss
Accounting procedures and acquisition costs blamed as turnover and operating profit grow 48% and 173% respectively.
GRP has posted a loss before tax of £17.9m for the year ending 31 March 2019.
The figure is an improvement from the £20.1m loss reported over 2017-18.
The company blamed the figure on the accounting treatment of GRP’s financing costs, amortisation of goodwill, and acquisition costs.
Turnover grew 48% from £75.9m to £112.1m over the period. Operating profit at GRP rose 173% from £10.2m to £27.8m.
Peter Cullum, chairman at GRP, commented: “We are now one of the UK’s leading SME focused
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