26th Feb 2014 10:47
LONDON (Alliance News) - Camkids Group PLC, the Chinese designer and manufacturer of kids and teenage outdoor clothing, said its financial performance for 2013 is in line with expectations, with revenues and profits more than 14% ahead of last year.
Camkids said it views the current financial year with confidence and optimism, and expects to announce a final dividend for the year, having declared a maiden interim dividend of 2.3 pence per share last September.
The company said the business remains highly cash generative with a cash position at year end of RMB313.4 million, more than double RMB130.8 million in 2012.
The group said it has a strong forward order book, boosted by a, "successful seasonal sales fair," held in the fourth quarter of 2013. It said at the end of the year, the order book for the first-half of the current financial year was more than 7% ahead of the order book for the same period last year.
Camkids said it has successfully expanded into fast-growing tier three and four cities in China with the help of its two additional distribution partners in Shanghai and Anhui, and as a result has increased its branded stores portfolio, which currently stands at 1,285 stores.
As well as expansion, Camkids has been focusing on other areas of growth such as steps to commence e-commerce sales, which it said is progressing well.
"The Group has worked to progress its e-commerce business during the period, and has formed strategic partnerships with platforms including Taobao and JD.com. Whilst still in its initial stages, the Board is pleased with the progress being made on these platforms."
It said it will release its full-year results in mid April.
Shares in Camkids were trading 2.1% higher Wednesday morning at 91.85 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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