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Kunick edges away from last year's slump
Leisure facilities provider, Kunick, has managed to lift its fortunes and edge out of the slump experienced last September when it issued two profit warnings. In the six months to 31 March 2001, pre-tax profits rose from £2.63m to £6.38m, including £4.5m from the sale of its French nursing home arm. Turnover increased by 13 per cent to £84m. The closure of Kunick's French amusement machine business led to an exceptional loss of £1.64m. Profits for Kunick's Leisure Connection business, manager of council leisure facilities, were lifted by its new operating contracts, including the Sport England contract for the four National Sports Centres, to £1.18m, up 28 per cent. Kunick's machines business increased by 17 per cent to £5.22m. Chief executive, Colin Daniels, says the reversal of fortunes is due to actions taken over the last six months: Leisure Connection is now beginning to benefit from the changes we have made and is in a stronger position to exploit the potential in the leisure facilities market. Our amusement machine business continues to benefit from our technological developments. Kunick's share price rose by 14 per cent following the announcement to 13.75p following the long slump to 10p from its year-high of 31p.
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