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 Russell Brand says he will 'probably' give up acting to focus on his revolution
- 2 Watch what happened when food critics were unknowingly served McDonald's
- 3 David Beckham's Haig Club whisky is exactly what’s wrong with the Highlands
- 4 Queen's first tweet: Reply telling Her Majesty to 'f*** off' broadcast on BBC News
- 5 #AskNigelFarage: Twitter starts hilarious Q&A for Ukip leader
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Tony Blair 'says Ed Miliband will lose 2015 general election'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Putin: The US is to blame for almost all the world's major conflicts
Poppy Appeal 2014: This is why I won't be wearing a red poppy this year
iJobs Money & Business
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...