22 Jul 2014 11:34
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Don't have an account? Click here to register.Bagir Group soars as revenue climbs despite 'challenging' conditions
Thu, 04th Apr 2019 08:20
(Sharecast News) - Bagir Group's shares soared on Thursday after new client wins and increased purchase orders from existing customers helped the company sew up a revenue increase despite "a challenging market environment".The tailoring outfit scored revenue of £56.4m for 2018, an increase of 10% compared to the year before, after the new contract wins, although profitability in the period declined as a result of transitional costs incurred during the first half due to the investment in expanding the production lines in Ethiopia.Consequently, loss before tax expanded from £2.9m to £5.8m as cost of sales increased by 17% to £50.9m.Eran Itzhak, chief executive of Bagir, said: "We have begun this year well with sales of $16.3m already recorded for the first 3 months, a 46% increase compared to the prior year. This, together with the benefits coming through from the cost reductions made last year and the $30.6m backlog of orders, means the company is well placed for 2019."The AIM traded company said that its cost reduction program has successfully saved $2.7m of annualized fixed costs as it reduced the number of production sites from six to five, with plans to reduce to four sites by the third quarter of the current year.At the end of the year, cash and cash equivalents stood at £3.1m, up from £2.6m at the same point the year before.A statement from Bagir said: "2018 was undoubtedly a strategically important year for the business with significant progress being made rationalising the business operations. Looking ahead for 2019, trading conditions are likely to be similar to those experienced in 2018, however the board believes that Bagir is well placed given the operational cost base reduction completed in 2018 and its strong order backlog."Bagir Group's shares were up 20.83% at 1.45p as of 1327 BST.
More News
22 Jul 2014 11:18
Bagir Group warns on half year figures
Shares in tailoring firm Bagir Group lost more than a fifth of their value on Tuesday after it warned it would deliver an annual pre-tax loss of around $2m, with revenue coming in at the lower end of its expectations at $48m. The group had previously predicted full-year revenue would total between
Read more22 Jul 2014 07:32
2 Jun 2014 11:18
Bagir Group Agrees Revised Banking Covenants
LONDON (Alliance News) - Bagir Group Ltd Monday said it has now agreed revised banking covenants for 2014 after discussions with its banks, which were announced on May 15. The formal wear tailoring company which listed on AIM in April, saw its valuation tumble by over half during May after
Read more16 May 2014 10:47
DIRECTOR DEALINGS: Bagir Non-Executive Buys Shares
LONDON (Alliance News) - Bagir Group Ltd Friday said Non-Executive Director Tessa Laws bought 24,390 shares at a price of 20.5 pence per share, which represents her only holding in the clothing company. Shares were up 2.0% at 20.90 pence Friday morning. By Arvind Bhunjun; arvindbhunju
Read more15 May 2014 15:57
Wife of Beazley CEO sells 200,000 shares
The wife of David Horton, the Chief Executive Officer of Beazley, has sold 200,000 shares in the global specialist risk insurance and reinsurance business, thereby reducing his interest to 1.58m shares. Sophie Horton sold the shares at 244.50p a piece, giving the deal a trade value of £489,000.
Read more15 May 2014 12:48
UK MIDDAY BRIEFING: "Dixons Carphone" Shares Hit By Merger Deal
LONDON (Alliance News) - Shares in Carphone Warehouse Group and Dixons Retail took a hit Thursday after the companies announced a GBP3.6 billion merger that will create the UK's biggest retailer of mobile phones and electrical goods.
The new firm,
15 May 2014 12:37
DIRECTOR DEALINGS: Bagir Non-Executive Buys 133,333 Shares
LONDON (Alliance News) - Bagir Group Ltd Thursday said non-executive Director Samuel Vlodinger bought 133,333 shares at a price of 22.5 pence per share. Following this transaction, Vlodinger holds 8.9 million shares, which represents 17.66% stake in the firm. The formal wear tailoring
Read more15 May 2014 11:35
UK WINNERS & LOSERS: LSE And Aviva Top And Tail FTSE 100
LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Thursday.
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FTSE 100 - WINNERS
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London Stock Exchange Group, up 2.4%. The group said its full-year revenue r
15 May 2014 09:23
Bagir Group Tumbles As Largest Customer Reduces Orders
LONDON (Alliance News) - Bagir Group Ltd, the formal wear tailoring company which listed on AIM just last month, Thursday saw its valuation tumble by over half after warning that it had been hit by an unexpected reduction in orders from its largest customer and was talking with its lenders about
Read more15 Apr 2014 10:57
Bagir Raises GBP20.0 Million, Begins Trading On AIM
LONDON (Alliance News) - Formal wear tailoring company Bagir Group Ltd became the latest company to begin trading on the AIM market Tuesday, amid a flurry of new initial public offerings since the beginning of 2014. The company raised GBP20.0 million in its initial placing, at a price of 56
Read more15 Apr 2014 10:12
Bagir Group joins AIM
Formalwear tailor Bagir Group on Tuesday began trading on AIM on the London Stock Exchange. The company raised about £20m though the placement of 35,714,285 new shares at a placing price of 56p each. The total number of ordinary shares in issue at admission is 50,223,210, giving the group a market
Read more