Storit’s profits slide despite turnover rise

Profits at the technology distribution company owned by Mayoman Frank Salmon almost halved last year, despite its turnover increasing by more than 8 per cent to €131 million.

15th April, 2006

Profits at the technology distribution company owned by Mayoman Frank Salmon almost halved last year, despite its turnover increasing by more than 8 per cent to €131 million.

Storit, the holding company for Salmon’s CMS Peripherals, made a pre-tax profit of €1.07 million for the year ending August 31, 2005 - falling from€1.8 million in 2004, according to accounts just released.

The company said it was operating in a ‘‘challenging market environment, where market erosion is...

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