1st Dental loses over £1m13th February 2007
Orthodontics specialist, 1st Dental Laboratories is still feeling the pinch after its acquisition of Benchmark Dental Laboratories in 2004.
The company, which supplies crowns and bridges to the dental industry, increased turnover from £11.9m to £12.1m in the year to November 30 but had pre-tax losses of £1.4m compared with an £80,000 loss from the previous year. Many of the losses were said to be related to its acquisition of Benchmark which had been its biggest competitor.
1st Dental chairman, Andrew Garner, said £500,000 of the losses were goodwill payments made in relation to the £4.67m acquisition of Benchmark for which he now admits he overpaid. However, despite claiming in 2004 that the acquisition of Benchmark would be profitable within a year, Mr Garner said he did not regret the take-over which he said was crucial to 1st Dental's strategy of taking the lead in consolidating the 2,700 dental laboratories that operate in the UK.
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Title: 1st Dental loses over £1m
Author: Laura E
Article Id: 1992
Date Added: 13th Feb 2007