Annual Report

Our annual report was ..... to the shareholders on 31 March.

Turnover remained constant through the ..... year.

Profits declined sharply with the devaluation of the ......

Sales fell gradually in the first two quarters, but ..... in the second half of the year.

Costs reached ..... in April.

Demand rose sharply after our major competitor went into ......

Overhead levelled off when utility charges were ..... by the government.

Prices were raised with the introduction of our new ..... of widgets.

Output ..... up with demand.

Although the company's overall ..... was weak, its bottom line was still in the black.