Profit Improvement Helps Local Firms Save Millions

Almost £2.5 million has been saved by local firms thanks to their participation in the Invest Northern Ireland Profit Improvement Programme.

At an awards ceremony at the Rosspark Hotel in Ballymena yesterday, participating companies were congratulated on their success, with Lisburn based Nitec Solutions revealed as Company of the Year 2004.

The Profit Improvement Programme is funded by Invest NI and delivered by a consortium which includes Parity and PWC. Its aim is to facilitate the adoption of a cost reduction and profitability increase culture within organisations. In what was the most successful year of the Profit Improvement Programme to date, twenty seven companies participated on a regional basis in the Belfast, Coleraine and Omagh areas.

Nitec Solutions, which provides IT network solutions to SME’s was selected as overall winner due to significant savings of over £300,000, in addition the company was commended for its commitment to the programme and the application of innovative approaches to customer service. Nitec was also presented with the regional award for Belfast whilst the City Hotel, Derry won the Coleraine regional award and Integrated Marketing Management in Dungannon was presented with the Omagh regional award.

Closing the awards ceremony Victor Jordan, Director of Business Improvement Services at Invest NI said: “Once again local companies have successfully demonstrated how the challenges of a highly competitive and rapidly changing business environment can be effectively managed.”

“From better purchasing and stock management procedures, to integrated process improvement, the success of these twenty seven companies proves that every organisation has the potential to improve profitability by developing and improving procedures. They all deserve to be recognised and commended for their achievements.”

Participation by local companies in the Invest NI Profit Improvement Programme has resulted in cumulative savings of £13.5 million since the programme’s inception in 1994.