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Abbeycrest narrows losses

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Date: Tuesday 24 Oct 2006

LONDON (ShareCast) - Jeweler Abbeycrest narrowed losses over the first half following the completion of its restructuring plans.

Abbeycrest reported a pre-tax loss of just £2.18m for the six months to August compared with £5.16m a year earlier, on turnover of £27.89m against £28.85m last time.

“This demonstrates that the group has recovered to the financial performance levels recorded in the 2004 and 2003 interims, and, as such, represents a major recovery from the unacceptable situation last year,” said the group.

Group borrowings also fell over the first half, down 32% from a year earlier to £9.3m.

Abbeycrest said the market has remained depressed with monthly double digit reductions in gold hall-marking in the UK last quarter. Whilst this has affected sales in the UK, further opportunities for efficiencies and cost savings have been constantly sought.

“These half-year results are marginally ahead of our internal expectations and represent an excellent achievement in generally poor market conditions,” said the group.


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