Regina parades poor figures
Wednesday 20 April 1994
The company has rushed out its interim figures two months early. It said the results showed why Mr Malik-Noor should not succeed in his move for re-election as a director.
Mr Malik-Noor was angered yesterday by Regina's appointment of two non-executive directors. He said it breached agreements made at the time of his departure last month, as one of the directors should have been his nominee.
The results show that in the six months to 28 February Regina sank pounds 269,000 into the red, against a pounds 143,000 profit last time. Turnover was down 42.7 per cent to pounds 683,000. Losses have exceeded pounds 1.7m in the last two and a half years.
At an extraordinary meeting next Monday Mr Malik-Noor, who with his family trust owns 25 per cent of Regina, will seek a return to the board.
Paul Geoghegan, the new chairman, said that shareholders had to be put in the picture. 'These are the last set of figures before Mr Malik-Noor was removed from office as chairman and chief executive,' he said. 'Now that all shareholders are aware of the losses, you will understand why he should not be allowed to return.'
Turnover was hit by a collapse in sales, particuarly in the Far East. Mr Geoghegan said that money was wasted on marketing in the US, and that there was not enough promotion in the UK.
Mr Malik-Noor's removal from the board followed a dispute over rises in directors' pay. Yesterday he said that he and his associates had invested pounds 1.5m in Regina in three years, without which it would have failed. The performance was because of difficult market conditions, and could not be blamed on an individual.
The share price was unchanged at 3 1/2 p.
- 1 Morgan Freeman on the riot-focused coverage of the Baltimore protests: 'F**k the media'
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 3 Top Gear: Jodie Kidd, Philip Glenister and Guy Martin 'in advanced talks' to replace Jeremy Clarkson and co
- 4 Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
- 5 Length of pregnancy can vary by up to five weeks, scientists discover
Boston Marathon runner's search for mystery man she kissed ends with letter from his wife
Saudi Arabia's King Salman sacks senior aide for 'slapping' a journalist behind him live on TV
Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
Italian police 'reveal' what Jesus looked like as a young boy
Florida couple forced to register as sex offenders for having sex on public beach
In defence of liberal democracy
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
Andy McSmith's Sketch: Feisty audience is the real star of an enlightening show
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...