LONDON (Alliance News) - Marwyn Management Partners PLC on Thursday reported a wider pretax loss in 2015 as revenue fell at French wellington boot maker Le Chameau amid its five-year growth plan.
The luxury goods investing company said its pretax loss in 2015 widened to GBP10.4 million from GBP5.8 million in 2014, as revenue fell to GBP14.4 million from GBP18.4 million, due to challenging trading conditions in France and the rationalisation of low margin products.
Marwyn's revenue comes from French high-end wellington boot maker Le Chameau, which is its only operating subsidiary. Le Chameau is undergoing a five-year plan to try and boost growth at the business.
On Thursday, Marwyn said the implementation of a new IT system remains on track for delivery in 2016, while the UK and German distributor agreements were terminated with direct sales teams being recruited in both territories.
Marwyn said the future emphasis on sales will be to continue to accelerate development of "more buoyant" overseas markets such as the UK and Germany.
Marwyn will not pay a dividend for 2015, saying it will start paying dividends when there are sufficient distributable reserves and when it is "prudent to do so".
"In 2016, we are hopeful of seeing the benefits of Le Chameau operating with a single-site production facility in Morocco, an internalised distribution model, a fully aligned IT system, a compelling new product range and an e-commerce platform. There are already encouraging signs relating to these key items and the directors are enthused about the future," Chairman Robert Ware said in a statement.
Shares in Marwyn Management Partners were untraded on Thursday morning, last quoted at 2.49 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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