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BM still suffering from buying spree
- Article from:
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The Independent - London
- Article date:
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March 11, 1994
- Author:
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Copyright informationCopyright 1994 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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HALF-YEAR results published yesterday by the engineer BM Group
were once again scarred by fallout from the company's aggressive
acquisition-led growth strategy in the late 1980s and early 1990s,
writes Robert Cole.
Taxable losses for the six months to 31 December were pounds
14.1m. Included in the loss was a pounds 6m charge to reorganise
Canadian businesses ready for sale and a pounds 13m write-off of
goodwill relating to companies BM has already sold.
A clear picture began to emerge yesterday of why the former
stock market star fell from grace two years ago. The distribution
business of Blackwood Hodge, acquired by BM ...
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