Ronson to fight Hodgson compensation
Tuesday 01 July 1997
Separately, it is thought that Mr Hodgson harbours aspirations to buy some parts of the lighter to leather goods group. Directors at the company, which has served up two profits warnings in the past four months, want to slim down operations to focus on its core branded lighters and watches.
Ronson also sells sunglasses, pens, leather luggage and jewellery as well as operating home shopping, duty-free and packaging businesses.
While the group said no decisions had been made on the future shape of the company, Alan Kilkenny, a non-executive director, said the company had "tried to get into too many markets".
Commenting on the suggestion that there might be fat to trim in the company, Mr Kilkenny said: "You can be assured that there will not be profligacy from now on."
He was speaking as the company reported pre-tax losses of pounds 2.2m for the year to December compared to pounds 4m of profits made in 1995.
The losses, pounds 200,000 higher than the group predicted when it posted a financial warning in June, were attributed to relocation and reorganisation expenses, costs from shipping products which were not in stock to meet orders, reduced margins and a pounds 900,000 bad debt provision. Sales, which fell 7 per cent, had been hit by a factory fire.
Laurie Todd, finance director, said he did not expect further provisions, but warned that first-half losses would be "significant" in order to invest in reviving the Ronson brand. A new information technology system was likely to cost around pounds 1m.
Shaun Dowling, executive chairman, said there was "solid demand" for the group's products.
- 1 Stolen Instagram photo sells for $90,000
- 2 Before you complain about your GP, this is what you need to know about actually doing the job
- 3 UK's biggest male rape charity Survivors UK has state funding slashed to zero despite 120% rise in men reporting sexual violence and seeking help
- 4 'Don't blame all men for rape' campaign backfires spectacularly
- 5 Charlie Charlie Challenge explained: not a Mexican demon being summoned — it's gravity
UK's biggest male rape charity Survivors UK has state funding slashed to zero despite 120% rise in men reporting sexual violence and seeking help
Priest warns pupils the 'Charlie Charlie Challenge' is 'demonic activity'
'Don't blame all men for rape' campaign backfires spectacularly
Iran launches anti-Isis cartoon competition 'to expose true nature of Islamic State'
Fifa corruption arrests: Sepp Blatter 'quite relaxed' and confident he is 'not involved'
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Australian man punched in the face for defending Muslim women from abuse on train
A nation of inequality: How the UK is failing to feed its most vulnerable people
David Starkey 'tells Amal Clooney to shut up and stop over-promoting human rights'
iJobs Money & Business
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...