28th Aug 2015 08:49
LONDON (Alliance News) - MBL Group PLC Friday reported a wider pretax loss in its recently-ended financial year as it booked an impairment on intangible assets, but said that revenue grew on the back of a strong performance from its new Garden & Home division.
The distributor and wholesaler of CDs and DVDs, mainly for export, which also has a division selling mail order garden bird and wildlife products, said its pretax loss from continuing operations in the year ended March 31 widened to GBP0.9 million from GBP0.5 million, even though revenue from continuing operations grew 10% to GBP13.0 million from GBP11.8 million.
MBL said that it booked an GBP0.5 million exceptional impairment to intangible assets, but that sales were boosted by a strong performance from the Garden & Home division following investment in marketing. Sales in that division more than doubled to GBP4.3 million from GBP2.1 million.
Sales in the Home Entertainment division, however, declined 9% to GBP8.7 million from GBP9.5 million, which MBL said was due to the strengthening of the pound. Exports account for 71% of the division's sales, it said.
"The year has started satisfactorily and sales in both divisions are in line with management expectations," Chairman David Johnson said, commenting on current trading.
Shares in MBL were trading down 9.2% at 6.58 pence Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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