Results30 Jun 2010 22:03
Abbeycrest back in the black
StockMarketWire.com
International jewellery designer, manufacturer and distributor Abbeycrest is back in the black with pre-tax profits of £1.6m.
Revenues for the year to the end of February fell to £39.7m from £53.1m after a strategic withdrawal from lower margin activities.
The firm posts an operating profit, including an exceptional gain of £1.5m (2009: exceptional cost £8.2m), of £2.4m (2009: loss of £7.1m).
A pre-tax profit, before exceptionals, of £55,000 compared with a loss of £1.0m in 2009.
Pre-tax profit, after exceptionals, was £1.6m (2009: loss of £10.1m).
Executive chairman Simon Ashton said: "Market conditions remain challenging and whilst we are pleased with the progress of the turnaround, there is still a great deal to do within the business.
"Our 'Essentials' and 'Brands' divisions are at very different stages of development but our main focus now with both is to generate top-line growth.
"Managing our exposure to any further increases in the gold price, given the clear impact of this variable on working capital funding, also remains key.
"As we approach the key Christmas trading period, we maintain our belief that the group is now much better positioned to capitalise on the opportunities in the global jewellery market."