(Alliance News) - Kitchen manufacturer and retailer John Lewis of Hungerford on Tuesday said forward orders have fallen year-on-year, but added that it is taking a "cautious approach" to trading as it looks to secure "maximum conversions" and reduce costs.
Ahead of its annual general meeting on Tuesday, the company said forward sales for the current financial year are 18% lower at GBP4.2 million, from GBP5.1 million the year before.
However, on orders where a first deposit payment has been taken, forward sales are 23% higher annually at GBP1.6 million from GBP1.3 million. John Lewis of Hungerford added that there is a "strong conversion" into future sales when a first deposit has been taken.
The company added: "As previously announced, the company is taking a cautious approach to trading with a focus on maximising conversions whilst continuing to reduce costs within the business. Overall design quotation activity within the business has considerably improved compared with this time last year and the company expects to see conversions improve as we move forwards in 2020."
Shares in the company were untraded in London on Tuesday morning, last quoted at 0.50 pence each.
By Eric Cunha; ericcunha@alliancenews.com
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