Turnaround to Crown Paints recovery

CROWN Paints yesterday hailed a turnaround in fortunes following its private-equity-backed management buyout two years ago.

The firm said it was now profitable after clawing its way out of the red last year on the back of a major overhaul launched in the wake of its takeover from Dutch group Akzo Nobel in 2008.

Crown's latest set of accounts show operating profits of 2.8 million in 2009 - a marked improvement on the hefty losses seen at the height of the financial crisis and housing market slump, which left it 11.4m in the red for the final three months of 2008.

The Lancashire-based group said it remained in the black throughout the first half of 2010, with "significant" profit growth after trading beat its own expectations. Crown added it was on course for further profit progress.