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Chinese dispute slams Abbeycrest

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Date: Wednesday 25 May 2005

LONDON (ShareCast) - Shares in jewellery designer Abbeycrest tumbled to their lowest in almost four months as sales and profits tumbled after a legal dispute with a major Chinese supplier led to a loss of business.

Profit before tax, goodwill and exceptional items fell from £1.8m to £1.3m for the year to 28 February on turnover down 15% at £82.3m.

Abbeycrest also said it continued to be affected by difficulties in its core UK market since Christmas, with order intake for the first two months of the current financial year lower than last year.

Chairman Michael Lever said, “Overall, despite a more difficult retail environment in the UK, the Directors are confident of the outlook and prospects for the Group for the year ending 28 February 2006.”

The group attributed this confidence to the imminent conclusion of a two-year restructuring exercise and a reduced cost base arising from the relocation of the group's volume manufacturing to Thailand.

The final dividend of 1p per share makes a total of 2p for the year, unchanged from a year ago.

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