Mobile phone repairer Anovo eyes profits swing
Anovo UK, the smartphone repairs company, said it has a 'solid springboard' to launch back into profit after being hit by volatility in the Asian market.
The Norwich-based firm said a move to diversify sales in its recycling division away from Asia had helped to lift its performance and profitability going forward.
According to the latest available accounts on Companies House, the business saw pre-tax profits fall from £2.289m in 2013 to a £266,000 loss to the end of September last year. However, turnover grew by £14.2m to £105m over the same period.
The company also faced set up costs of £615,000 linked to the transfer of staff and set up costs of a contract.
It comes as the Anovo Group welcomed new owners in March when it was taken over by Californian-based technology business Ingram Micro.
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The accounts stated: 'The company encountered a challenging first half in 2014 mainly driven by adverse price volatility in mobile recycling markets in Asia and also due to costs relating to the set up of a new piece of business with a major customer.'
The UK arm of Anovo has significant presence in Norwich, with a base on Vulcan Road North. As well as repairing smartphones for major technology companies, it also recycles old phones.
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Last year, the company employed 850 people in Norwich, making it one of the city's largest employers.
It also has a distribution hub in Thetford.
On the purchase of Anovo earlier this year, Alain Monié, chief executive of Ingram Micro, said: 'Anovo significantly increases the contribution of services revenues in Europe and Latin America, while also enabling Ingram Micro to provide a complete suite of mobility lifecycle solutions in a host of new countries.'
He added: 'We are already positioned at the center of the global mobility ecosystem and we expect
to leverage Anovo's core service offerings and client relationships across our global infrastructure to expand our presence in current markets.'