Investors Chronicle, November 18th, 2004
A year ago, we said that it was difficult to understand why Black Arrow's shares were at a 12-month high. They are now at a 12-month low - and that's not surprising following 2003-04's sharp drop in profits and what chairman Arnold Edward describes as "awful" prospects. Black Arrow's main market - office furniture - "continued at a low ebb" for the whole of last year, with sales 11 per cent lower at GBP14.7m. One reason demand is down is because some of its key customers, call centres, have moved to India. At the same time, Black Arrow is finding it extremely difficult to pass on increased st...
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