Page 14 - Stakis C Case Study

In January 1994, after the October 3rd year-end figures
were issued, Michels announced that Stakis was now:

"a normal company, boring even",

the pre tax profit figure had risen to £10.4 million whilst

gearing had fallen from £197 million (77%) to £117 million

(46%).

Sir Lewis commented that the results owed:

"little to the market and virtually everything to the

group's own endeavours".