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IN BRIEF: Creightons shares plunge after swing to interim loss

1st Dec 2022 11:38

Creightons PLC - Peterborough, England-based consumer goods company - Posts revenue of GBP29.7 million for the six months that ended on September 30, marginally down by 1.0% from GBP30.0 million the year before. Swings to a pretax loss of 359,000 from a profit of GBP2.3 million. Says it has suffered direct annualised cost increases approximating to GBP4 million, reflecting the scale of the margin challenge. Declares no interim dividend, compared to 0.15p per share a year prior. Says this reflects the "challenging and volatile economic conditions facing the group and the need to be prudent about utilisation of cash resources".

Says the result for this half year is "in line with what was anticipated", but it is confident that "margin recovery and pro-active cost reduction measures we have taken will deliver an improved performance in the second half of the year". Expects to hold its sales levels for the next six months before starting to build steadily again on a profitable business.

For the financial year ended March 31, the company had posted a narrowed pretax profit of GBP4.5 million, down 13% from GBP5.2 million the year before. Revenue also dipped by 0.7% to GBP61.2 million from 61.6 million

Current stock price: 29.10 pence, down 22% on Thursday in London

12-month change: down 71%

By Xindi Wei; [email protected]

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