LONDON (Thomson Financial) - Abbeycrest Plc. posted a wider full-year pretax
loss, but said for the current year, the group has experienced above budget
profit performance in the first-quarter, which is also ahead of that for the
comparable period last year.
For the year ended Feb. 29, the group reported a pretax loss of 3.53 million
pounds versus a loss of 656,000 pounds last year while revenues fell slightly to
61.9 million from 64.6 million pounds dragged lower by losses incurred by its
core UK distribution business, G&A Ltd.
The company added given the current economic climate, it is difficult to
predict the outcome for 2008/09 as markets may well remain challenging. However,
it added it now has a greatly reduced cost base in the main UK business,
together with substantially lower working capital requirements.
The jewellery maker also said progress to date has been excellent, adding it
is on target to achieve the key objectives within its overall plan.
The group said in view of its financial performance, it is unable to propose
a dividend payment.
TFN.newsdesk@thomson.com
npr/slm
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