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Date: Monday 22 Aug 2005

LONDON (ShareCast) - Abbeycrest painted a gloomy picture of the jewellery sector as it warned that the slow down in consumer demand continued to result in a cautious approach to stock purchasing by the majority of its customers.

In a statement after today’s close the jewellery designer’s chairman Michael Lever said the latest statistics now available show the volume of jewellery pieces hallmarked across the UK, compared with last year, has actually worsened considerably in the last month.

“Almost without exception, very recent soundings from key customers and from across the trade in general provide even more cautious indications for the important pre-Christmas period,” he added.

As a result Lever said the group has now decided to downgrade “significantly” its sales expectations for the year and expects to post a substantial loss for the year to 28 February 2006.

The group has embarked on a further cost reduction exercise, principally in the UK, to re-size the business in line with the new levels of demand, it added.

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