BEC剑桥英语高级真题5 Test 2-Part 1-Different companies

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A ANGUS
Since coming to the market five years ago, Angus has enjoyed great respect, considerably more than its peers in construction and building materials. This has been well deserved, with its initial profits now four times as great. However, the comany's recent warning that such growth is unlikely to be maintained has caused a levelling off in its share price. Investors apparently want to see evidence that the current expansion into North America is paying off and paying for the large workforce, before pushing Angus shares any higher.

自从在五年前进入市场以来，Angus公司一直备受尊重，远远超过建筑和建材行业的同行。这是理所当然的，因为他的现在的利润是最初时候的4倍。然而，公司最近的警告称，这样的增长不太可能维持下去，这个警告已经导致其股票价格趋于平稳。显然，在推动Angus股价进一步上涨之前，投资者想要见到近期在北美市场的扩张正在获得回报，并为庞大的劳动力市场买单的证据。

**B. Johnson's **
Steven Green, chairman of the ailing furniture manufacturer Johnson's, has produced his long-awaited turnaround plan for the company, comprising aggressive cost savings targets and some optimistic-looking profit forecasts. Further reducing the cost of raw materials by 15% is perhaps over-ambitious, given the resistance to the 5% cut the company imposed last year. Remaining savings should be more easily achievable through improving manufacturing efficiency, including job cuts and plant closures. Should Johnson's miss those targets, including returning to an operating prfit as early as next year, Green's job could rapidly be in danger.

境况不佳的家具制造商Johnson董事长Steven Green,为公司制定了期待已久的扭亏计划，其中包括雄心勃勃的成本节约目标和看上去乐观的利润预测。考虑到该公司去年实行5%消减遭到了抵制，进一步降低15%的原材料成本可能过于雄心勃勃。通过提高制造业效率（包括裁员和关闭工厂），剩余的节约应该更容易实现。如果Johnson's公司未能实现这些目标，包括最早在明年恢复营业利润，Green的工作可能会很快陷入困境。

C. Hora Products
Four years ago, the shares of Hora Products, the watches and handbags distributor and retailer, stood at 405p. At that time, Hora revealed profits up by a third to 22 m, but warned that growth was unlikely to continue at such a pace. The shares immediately dropped 11% and kept on falling, until they hit a trough of 64p. Last year Hora decided to concentrate on its volume divisions, which include the Lagoon and Horato watch brands, and disopsed of all its luxury marques, a strategy that will be watched with interest by its rivals.