Scotland business

Havelock Europa announces major review of strategy

House of Fraser Image copyright Havelock Europa
Image caption Havelock Europa has counted House of Fraser among its retail clients

A major Scottish interior fitter has announced "a major review of its longer-term vision, mission and strategy".

The six-month project at Havelock Europa is expected to "follow the wealth", where market opportunities arise in the UK and globally.

The Kirkcaldy-based firm also wants to extend its sourcing operation in China and grow further in Australia.

The company has already focused its marketing efforts in London.

Office refurbishments in the capital are among Britain's more lucrative opportunities.

The firm has been through a difficult corporate turnaround in recent years.

'Challenging year'

In announcing its full-year results, the Fife firm said 2016 was "challenging".

Havelock Europa was back into the black, with pre-tax profits of £183,000, following a 2015 loss of £2.7m.

Revenue was down in 2016, largely due to the loss of a major financial client, believed to be Lloyds Banking Group.

Sales fell from £73m in 2015 to £61m.

In trying to diversify its clients away from a few large banks and education refurbishments during academic holidays, the company is seeking to secure more clients from the health sector and student accommodation.

It is also looking for a wider range of retail clients, which have so far included big high street names such as Marks & Spencer, Primark, Accessorize and House of Fraser.

Havelock Europa employs 300 people at its Fife factory and marketing base, with offices also in China and Mansfield in the English Midlands.

The company's shares fell 12% in the hours after the annual results were published.

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