European recession depresses Courtauld
Friday 18 March 1994
Clothes sold in France under the Georges Rech designer brand were hardest hit. Profit before interest from Courtauld's branded clothing division dived from pounds 5.9m to pounds 600,000. The cost of sorting out Georges Rech contributed to an increased charge for reorganisation. The company set aside pounds 7.6m in 1993 compared with pounds 6.8m the previous year.
Full-year pre-tax profits were flat at pounds 38.8m for the year to December against pounds 39.1m last time. Profits from the UK, North America and the rest of the world all rose strongly. But on the Continent the company lost pounds 900,000 against a profit previously of pounds 5.1m.
The results cover the closing months of the stewardship of Martin Taylor, the outspoken 41-year- old who is now chief executive of Barclays Bank.
His successor, Noel Jervis, said: 'The results were affected sharply by the full weight of economic recession in the main markets of Germany, France and Spain.'
Profits also suffered from a reduction in the pension credit from pounds 4.8m to pounds 1.3m. There will be no credit in the current year.
The group also benefited from an increase in sales to Marks & Spencer and strong sales of lace and stretch fabrics in the US.
Mr Jervis warned that the recession in Europe would continue to depress the group's performance in 1994, but he added: 'There is evidence of a continuing recovery in the UK and US economies.'
Earnings per share were down 3 per cent at 29.2p. The dividend, however, was increased by 4 per cent to 14.2p. The shares rose 3p to 571p. The stock has recovered most of the ground lost in December when it issued a profits warning.
- 1 Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
- 2 Margaret Thatcher 'expressed fears of Asian rising' at Anglo-Irish summit in 1984
- 3 Sussex couple die in suspected Christmas Day 'suicide pact'
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 The Unluckiest People of the Year 2014 (and one very unlucky giraffe)
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
UK weather: Travel chaos continues as King's Cross train delays add to snow on roads
The Unluckiest People of the Year 2014 (and one very unlucky giraffe)
North Korea calls Barack Obama 'a monkey' in latest attack as 'The Interview' row festers
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Immigrants make UK racist, says Ukip councillor Trevor Shonk
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...