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(Alliance News) - Creightons PLC on Tuesday reported a lower revenue and profit for the most recent financial year, as the company sharply cut its annual payout.
Shares were down 23% at 41.95 pence each on Tuesday morning in London.
For the financial year ended March 31, the Peterborough, England-based consumer goods company posted a narrowed pretax profit of GBP4.5 million, down 13% from GBP5.2 million the year before.
The firm saw a 12% rise in administrative expenses to GBP18.3 million from GBP16.2 million the year before as a result of a general increase in overhead costs.
Revenue also dipped by 0.7% to GBP61.2 million from 61.6 million amid an "extremely challenging" final six months of the financial year due to the ongoing "supply chain and inflationary pressures", the company explained.
Chair William McIlroy said: "The group has successfully maintained revenue during the year. We will continue to respond proactively to the challenging market conditions but remain open to further business opportunities."
Creightons declared no final dividend, compared to 0.50 pence per share a year ago. The total dividend for the financial year amounted to 0.15p per share, down 77% from 0.65p.
Looking ahead, Creightons warns supply chain pressures are expected to continue, but it will be proactive in its response.
By Xindi Wei; xindiwei@alliancenews.com
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