30th Sep 2009 10:37
30 September 2009
THEO FENNELL PLC
("Theo Fennell" or "the Group")
Results of AGM and Trading Update
Theo Fennell PLC, the AIM-listed international, luxury jeweller, is pleased to announce that at today's Annual General Meeting all proposed resolutions were duly passed.
Commenting on current trading, the Chairman, Rupert Hambro, issued the following statement:
"As I explained in my first Chairman's statement in the Annual Report, the new Board was only appointed in June this year, at the same time Theo returned to the company he founded. Since that time, a number of new initiatives are under way as part of the new strategic plan, which we believe will lead to a turnaround of the business in the medium term.
Your new Board and indeed the whole Company have worked hard over the past three months to ensure that, amongst other things, we have an exciting selection of new one off products, collections and unique silver pieces for the key Christmas selling period. In addition, the first new collection for two years, PHI, was launched in September. We have put the misguided direction of last year behind us and have been encouraged both by initial sales and positive reactions to our new products from both our existing customers, many of whom are now returning to Theo Fennell PLC, as well as our trading partners. Consequently, trading in September showed a very encouraging improvement compared with the first five months of the current trading year. Whilst like for like sales overall for the 6 months to 30 September 2009 were 20% below the prior year. As noted above, we have seen an uplift in sales since the launch of new products in our stores in mid September.
We are therefore optimistic the Company will see an improved performance in the key second half trading period.
Internationally we continue to have positive discussions with our existing and potential new partners as we implement our strategy of expanding the Theo Fennell distribution. Initial orders from our wholesale and franchise partners have been encouraging and we are confident we will see further new Theo Fennell distribution in the future.
Your Board is pleased by the work completed since June and is confident that the first steps have been made to turnaround the Company and return it to long term profitability. With the return of Theo to the business we have re-energised our design led products and begun to re-engage with our customers. We are also delighted to report that our bankers have agreed to continue to support the business. Your Board continue to believe in the significant long term potential for the future growth of the business and we look forward to our expansion in the years ahead.''
Enquiries:
|
Pelham Public Relations |
James Henderson / Kate Catchpole |
020 7337 1512 |
|
Seymour Pierce Limited |
Mark Percy / Catherine Leftley |
020 7107 8000 |
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