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.
- 2 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 3 Gamers confess the worst things they've done in The Sims
- 4 6-year-old writes ice cold Valentine's card to his stepmother
- 5 Syrian child photographed 'surrendering to camera because she thought it was a gun'
Rape threats, death threats and a police investigation after video poking fun at an Islamic Party in Malaysia goes viral
Why Robin Williams safeguarded himself against a morbid trend in advertising
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
6-year-old writes ice cold Valentine's card to his stepmother
Jeremy Clarkson to become 'special adviser on transport' to David Cameron
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
Katie Hopkins reported to the police for race hatred by Labour MP Simon Danczuk after tweet about Pakistani men
£18000 - £22000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum: Recruitment Genius: Working closely with the market...
£20000 - £50000 per annum: Recruitment Genius: A reputable company, famed for ...
Negotiable: Ashdown Group: The Ashdown Group has been engaged by a highly resp...