Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Leeds Group profit dented by increased competition and negative currency impact

The group said it had taken steps to improve efficiencies, which it believes will help it return to previous levels of profitability
Fabrics
Leeds Group said sales and profit in its new financial year are in line with the board's expectations

Leeds Group PLC (LON:LDSG) on Friday said its annual profits almost halved due to difficult trading conditions, increased competition and a negative currency impact.

The importer, seller and distributor of fabric reported a profit before tax of £0.88mln in the year to the end of May compared to £1.5mln a year earlier. Sales edged up 1% to £41.54bn but the company said the Euro-denominated parent company loan to its German subsidiary resulted in a small currency loss compared to a £0.3mln gain a year ago.

No dividend​

As such, the company said it would not propose a dividend payment.

“The board considers there are still potential growth opportunities for Hemmers, Chinoh-Tex and KMR despite a competitive environment and given the steps taken to improve efficiencies, the directors believe that we are well placed to return to previous profit levels for the Group,” Leeds Group’s chairman Jan Holmstrom said in a statement.

“At this early point in the current financial year, sales and profit are in line with the expectations of the board,” he added.

View full LDSG profile View Profile

Leeds Group plc Timeline

Related Articles

Car
September 25 2018
Advantage Finance motor division continues to receive more than 80,000 applications for loans a month and customer numbers now stand at a record 58,000
money
August 23 2018
PCF has taken on more than 2,400 new customers and retail deposits have increased to £108mln since it started as a fully-operational bank in July 2017.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use