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 Autism 'caused by genetics', study suggests
- 2 What happens to your body when you give up sugar?
- 3 Why you should never make assumptions about people with autism
- 4 Tourist films plane's descent just metres above packed Caribbean beach
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
Tourist films plane's descent just metres above packed Caribbean beach
Bali nine: Welcome to 'Execution Island' – the Indonesian holiday resort where foreigners are sent to die
How Homer Simpson discovered the Higgs boson over a decade before scientists
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Harrison Ford plane crash: Star Wars actor 'seriously injured' after light aircraft crash lands
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Durham Free School: 'Creationism taught at' free school facing closure
End of the licence fee: BBC to back radical overhaul of how it is funded
Ex-head of MI6: 'We shouldn't kid ourselves that Russia is on a path to democracy'
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
£18000 - £25000 per annum: Recruitment Genius: This successful, family owned m...
£28000 - £35000 per annum: Ashdown Group: A luxury fashion retailer based in W...
£30000 - £35000 per annum: Ashdown Group: IT Systems Engineer - East Riding of...
£15000 - £18000 per annum: Recruitment Genius: This retail and hospitality til...