ALSO's net profits fall by double digits after year of 'structural optimisation'

ALSO suffered year-on-year profit declines in 2018, after 12 months of "structural optimisation" at the €9bn-turnover distributor. Operating profits and net profits shrank last year by three per cent to €136.7m and 12 per cent to €81.16m respectively, largely due to the firm racking up €8.8m in restructuring costs for the year as well as €900,000 in costs due to foreign currency effects. Adjusted EBITDA, which excludes these one-off costs, grew by six per cent to €162.4m. Revenues meanw...