24th Apr 2014 12:44
LONDON (Alliance News) - Chinese outdoor clothing business Camkids Group PLC Thursday reported an increase in both its pretax profit and revenues for 2013, boosted by strong sales growth and store openings.
The Chinese designer and manufacturer of kids and teenage outdoor clothing reported a pretax profit of RMB304.7 million for the financial year ended December 31, 2013, compared with RMB267.6 million in 2012.
Camkids proposed a final dividend for the year of 2 pence per share, giving a total dividend of 4.3 pence per share for the year. It also said that it is offering a scrip dividend alternative to shareholders who wish to reinvest.
In 2013, revenues increased by 18% to RMB1.09 billion, up from RMB912.5 million a year earlier.
The group said the total number of stores increased during the year, up 17% on the number of stores a year earlier. It said it now has 17 authorised distributors operating over 1,285 franchised retail outlets. It also said it is in the early stages of developing an e-commerce platform to target online retail.
Camkids said it held a net cash position of RMB313.4 million at year end, compared with RMB130.8 million at the end of 2012.
"The group plans to take steps to ensure its market position by investing in new headquarters and industrial facilities and increasing its marketing spend which result in increased capex and operating expenses in the short-term," said Executive Chairman Zhang Congming in a statement.
Camkids gave a confident outlook for the business, although it said that its order book for its Autumn/Winter 2014/2015 collection, will be party held back by inventory leftovers after the sales fair held in February, partly due to milder weather.
It said its order book for its Autumn/Winter 2014/2015 collection will be broadly in line with the Autumn/Winter 2013/2014 level.
Camkids shares were up 2.2% at 66.45 pence per share Thursday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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