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Chairman's Statement
For and on behalf of the Board of Directors it is my pleasure to present this Annual Report, which includes the consolidated audited financial statements of the Company and of its subsidiaries, in respect of the financial year 2007/08.
Since, as is customary, a detailed account of the performance of the Group and the circumstances under which it operates appears elsewhere in this Annual Report (under Business Review) I will keep my comments within this statement brief.
Operating Results
I am happy to report that the Group has been able to register an improved performance during the year.
Whilst the incremental net-result may not in itself appear significant, the figures themselves mask reality. For the fact is that whilst across the Group all sectors performed well above expectations, the Board also sanctioned investments in new projects in logistics and international freight management in overseas markets which saw the launch of the ‘Civaro’ brand and the setting-up of subsidiaries in India, USA and Fiji. Whilst these investments had the effect of necessarily eroding some of the good performance of the Group, the Board is confident that these will generate significant returns in the years ahead whilst also positioning Advantis as a truly international integrated logistics service provider.
Particularly gratifying this year was the fact that sectors like the airline & travel and logistics management that hitherto faced difficulties in performing to expectations did in fact do particularly well despite challenging market conditions.
The Future
It is rather worrisome that the security and economic conditions in the country continue to adversely affect confidence in the domestic business climate.
The Board is very mindful of the challenges these conditions pose and so whilst we will continue to invest in our operations overseas we will also strive to ensure that local businesses remain sharply focused on maintaining agility so that they are quick to respond to emerging circumstances. invest in our operations overseas we will also strive to ensure that local businesses remain sharply focused on maintaining agility so that they are quick to respond to emerging circumstances.
People
The people at Advantis are a very special brand and they work with a high level of energy and passion which in turn directly accounts for the sustained performance and growth they have been able to generate over the decades.
I am truly grateful to them for this.
People do indeed make a huge difference especially in the service industry and to build on our achievements we are investing increasingly in new human resource management processes including training & development, enhanced performance management systems and incentivized remuneration systems amongst others.
I am confident that these new HR initiatives will lift the capacity of the people at Advantis to significantly enhance the competitiveness and results of the various business sectors and to share in that success.
(sgd.)
N G Wickremeratne
Chairman
15th May 2008.
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