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AbbeyCrest losses double

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Date: Wednesday 23 Nov 2005

LONDON (ShareCast) - An overall slowdown in the UK economy pushed jeweller AbbeyCrest further into the red, with pre-tax losses more than doubling.

"As noted in the trading statement issued in August, the jewellery sector has
been disproportionately affected by the overall slowdown in the UK economy," the group said in a company statement.

Pre-tax losses increased to £5.2m for the six months ended 31 August 2005 from a loss of £2.3m the year before. Sales fell to £28.9m from £34.2m previously.

AbbeyCrest says it sees no immediate prospect of the market downturn reversing but expects that it will meet full year expectations.

"The cost reduction plans outlined in August are being expedited and will largely be complete by the year end," AbbeyCrest said.

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