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IN BRIEF: Leeds Group Annual Loss Widens On 10% Lower Revenue

Thu, 22nd Oct 2020 13:41

Leeds Group PLC - Leeds-based fabrics importer - For its financial year ended May 31, posts pretax loss of GBP2.0 million, widening from GBP1.3 million loss the year prior. This is as revenue falls 9.8% to GBP35.1 million from GBP38.9 million with the company blaming challenging trading conditions caused by increased competition and resultant pressure on prices. The Covid-19 pandemic further hurt German trading subsidiaries Hemmers/Itex Textil Import Export GmbH and Stoff-Ideen-KMR GmbH in the last three months of the financial year.

Looking ahead, Chair Jan Holmstrom says: "Even though the Covid-19 situation is still impacting the marketplace, sales levels for Hemmers and KMR in the first few months of the new financial year have been better than expected. However, there is a risk that there may be further local or country wide restrictions which would again affect trading. The directors are confident that both businesses are better prepared to mitigate this risk and should benefit again from any government financial support."

As at May 31, Leeds Group had cash of GBP1.1 million, largely unchanged from the year prior.

Current stock price: 11.90 pence

Year-to-date change: down 30%

By Ife Taiwo;

Copyright 2020 Alliance News Limited. All Rights Reserved.

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