IN just three years Andover has plummeted from the fourth most profitable town in the country to 299th.

According to statistics just released by Experian - the global information solutions company - Andover has crashed 162 places in one year.

It was beaten by Basingstoke, 32; Romsey, 191; Southampton, 222 and Salisbury, 223.

Of neighbouring towns only Winchester faired worse, coming a lowly 403 out of 404.

Four years ago a survey by the same company placed Andover fourth in the country, beating Newbury into fifth place.

But executive officer of Andover Chamber of Commerce, Josephine Malcolm, remains optimistic about the town's future.

Mrs Malcolm said: "Despite the disappointing survey Andover continues to be regarded as a prosperous town with consistently low unemployment."

Experian says its nationwide survey involved more than 100,000 small and medium-sized enterprises (SMEs).

Bexleyheath came out on top after average profit margins among its companies increased from 13.5 per cent in 2000 to 15.8 per cent in 2001. In contrast Andover's profit margin fell by 2.79 per cent from 4.48 per cent to 1.69 per cent.

Four years ago average profit margins in the town stood at 18.61 per cent.

In the latest survey Newbury was in 280th place.

The survey reveals that most of the top 50 towns are concentrated in the south of England, with the south-east of England home to 34 of the most profitable towns.

But Andover is beaten in the survey by towns like Grimsby, Pontefract and Aberdeen, while it is only just ahead of places like Ilkley, Barnsley and Hull.

At least Andover did not suffer the indignity of being one of the 57 towns which failed to make a profit at all in 2001.

The survey revealed the overall national average profit margin for SMEs fell from three per cent to 2.8 per cent.

The new housing planned for the area, and the concurrent development of the business infrastructure over the medium and long-term continue to be cause for optimism.

Mrs Malcolm said the Chamber of Commerce was working in partnership with businesses in the area and with Test Valley Borough Council to develop a joint strategy for continuous improvements in the local economy.

Chamber president David Hearnshaw added: "Businesses are moving into Andover and expanding within Andover and this trend is to be encouraged and supported."