Camelot Ghana ltd, a security printing company recorded an increase in profit before tax of 54 per cent to 503.2 million cedis in 2003.

The net profit was up at 393 million cedis representing an increase of 117 percent from a low performance of 181.4 million in 2002.

The company?s turnover was 8.3 billion cedis up by 19 percent.

The improved performance of Camelot, owned by former Association of Ghana Industries President, Elizabeth Villars, has been attributed to the rolling out of a five-year strategic plan, which also involves the re-tooling and expansion of the production capacity of the company.

The Board Chairman of the company, Dr Sam Mensah addressing the 5th annual general meeting of the company said the move to penetrate the west African market yielded dividend, with export accounting for 27 percent of the company?s sales revenue.

He however told the meeting that the company suffered a raw deal in its expectations to undertake government projects as it was never invited to bid for any of the contracts, the worst in the past 6 years.

Camelot declared a dividend of 30 cedis per share representing an increase of 20 percent.

Dr. Mensah told the shareholders that the company?s decision to permeate the West African market is yielding great results.

The company has incorporated a subsidiary in Nigeria.

?We will consolidate our drive in the West Coast and we are going to consolidate our export drive to the West Coast,? he said.