7th Jan 2016 08:41
LONDON (Alliance News) - Fabric and habadashery wholesaler Leeds Group PLC on Thursday said its pretax profit was broadly flat but its revenue edged down in the first half, hit by the weak euro.
Leeds said its pretax profit for the six months to the end of November was GBP1.0 million, broadly flat year-on-year, as its revenue for the period fell slightly to GBP18.5 million from GBP18.6 million.
Profit for the group came under pressure in the year as it buys the majority of its goods in dollars but sells in euros, with the divergence in the fortunes of those two currencies eating into margins, though this was broadly mitigated by cost-cutting actions, it said.
The impact of the weak euro on selling prices was seen in Leeds's Hemmers business in Germany, where euro-denominated revenue rose 12% in the half, driven partly by acquisitions but also higher selling prices and broader volume growth.
Shares in Leeds were up 0.7% to 36.5198 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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