UK importer Ibco Limited saw its revenues increase 11 percent to £38.2 million (€47.7 million/$61.1 million) in 2013, up from £34.3 million (€42.9 million/$54.9 million) the previous year, but struggles with debt left the company with red numbers.
Distribution costs totaling £890,000 (€1.1 million/$1.4 million) and huge administrative expenses totaling £3.2 million (€3.9 million/$5 million) meant the company’s operating profit was a mere £33,500 (€41,950/$53,700), down from £850,000 (€1.1 million/$1.4 million) the year before.
The administrative expenses were due to a “rigorous review of its debtor recoverability,” the company said in its financial report.
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