Improved margins lift William Low
Friday 23 April 1993
The result, achieved on an 8 per cent boost in group turnover to pounds 240m, reflected a recovery in profit margins that were eroded sharply last year because of high costs of store expansion and promotional spending.
Since then the company has undergone a management reshuffle leading to the appointment of Philip Spicer, former national food manager of Co- operative Retail Society, as its chief executive. Like-for-like sales growth was 1.5 per cent, against an industry average of 1.1 per cent.
Operating profits shot up from pounds 8.8m to pounds 11.6m. But the company incurred a pounds 655,000 interest charge in the first half, compared with a pounds 3,000 surplus last time. Capitalised interest against borrowings made for store developments was virtually static at pounds 1.4m. Net debts surged ahead from about pounds 36m at the year end to pounds 53m.
The group plans to open two new stores and replace one during the second half. Fully diluted earnings per share improved by almost a fifth to 12.01p. The interim dividend has been held at 2.7p. James Millar, chairman, said that despite a tight competitive climate, trading was expected to be satisfactory this year. The shares fell 17p to 209p.
- 1 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 3 Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
- 5 Google search history can now be downloaded in its entirety, mass embarrassment expected
Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
'Jihadi John': Isis executioner Mohammed Emwazi wanted to wage jihad in Somalia until his friends were betrayed and killed by al-Shabaab
Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
£35-45K (DOE) + Benefits: Guru Careers: We are seeking a .NET Developer / Web ...
£18000 - £19000 per annum: Recruitment Genius: Are you looking for your first ...
£28000 - £45000 per annum: Recruitment Genius: Small and agile digital marketi...
£12000 - £18000 per annum: Recruitment Genius: A national firm of chartered ce...