Hardwood flooring specialist Junckers made a profit in its first year under new ownership.

The Danish-based company reports pre-tax profits of DKr172.9m (£15.5m) in 2004 despite “a major restructuring programme” absorbing “exceptional” expenses. This compared to losses of DKr518.5m the year before. Sales for the year fell DKr135.8m to DKr676.3m.

The workforce over the period was cut from 995 to 789.

The company was bought out last year by the Danish investment company Axcel which committed to invest DKr100m.

Junckers says it will undergo further rationalisation this year, but predicts “even brighter prospects” for the business.