30th Aug 2018 11:11
LONDON (Alliance News) - Shares in Crawshaw Group PLC sunk Thursday after the meat products company said like-for-like sales dropped 13% in the first half of financial 2018.
The stock was trading down 49% at 3.15 pence each following the news.
The company said sales for the six months to the end of July dipped to GBP21.6 million from GBP22.1 million reported for the same period the year before, with like-for-like sales down 13%.
The fall is mainly due to rising shop rents and high business rates, along with increased competition and lower footfall, Crawshaw explained.
For the year to the end of January, the company said it expects sales to come in flat year-on-year at GBP44.6 million, due to the "continued challenging trading". It also forecasts an underlying operating loss of GBP3 million, widened from GBP2.0 million reported a year ago.
Related Shares:
Crawshaw Group