Fortec profit hit by major IT investment
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PALLET NETWORK Fortec has highlighted a large investment in IT as the reason behind a fall in pretax profit for 2009.
Despite a 9% rise in revenue to £4.97m for the year to 26 December 2009, up from £4.5m in 2008, Fortec saw pre-tax profit fall to £49,490, from £522,532 a year ago.
Fortec MD Neil Hodgson says the profit fall "was due in the main to Fortec's substantial investment in IT and related investments which have underpinned the company's growth strategy". He adds that Fortec continues to be in healthy shape financially with growth on target in the current year.
For the first half of the current financial year. Fortec says turnover was up compared with 2009.
The new IT system, called ForTrack, was launched in September 2009 and allows members and customers 24-hour access to precise pallet movements via the internct.