BAE.L Share News (BAE)

- Reduces half-year losses- Recent trading boosted by UK recovery, self-help initiatives- Confident business is in process of turning aroundDepartment store operator Beale trimmed half-year losses and said recent trading has been bolstered by the improving UK economy and a number of self-help initiatives.Loss on ordinary activities before tax reduced 75% to £0.2m for the 26 weeks ended May 3rd 2014. Total gross profit improved 0.7% to £18.5m, with gross margin 1.5 percentage points higher.The group said the strategic exit from certain stores and categories and the withdrawal from heavy discounted promotions, took gross sales 5.9% lower to £62.0m. Chairman Will Tuffy commented: "Lead trading indicators monitored on an ongoing basis show that the business is in the process of turning around; after a very tough and slow start to the financial year, both self-help measures initiated by the management team and a healthier UK economy, have improved more recent trading results."Administrative expenses before exceptional items were marginally higher with targeted cost savings offset by the decision to take a majority of catering operations in-house.Net debt increased £2.0m to £15.7m largely due to positive steps working with key stakeholders to improve the timing of key trade and other payables and fixed asset purchases.The board is not recommending a dividend payment.CJ