14th Mar 2005 12:19
Development Securities PLC14 March 2005 14 March 2005 Development Securities PLC's associated company, Stead & Simpson Group Limited, announces annual profits and appointment of financial adviser Development Securities PLC announces today that the Board of Stead & SimpsonGroup Limited have released the following announcement today. DevelopmentSecurities continues to own a long-term investment of 38% in Stead & SimpsonGroup Limited and will maintain a close cooperation with Stead & Simpson duringand following the strategic review. This review is consistent with our statedstrategy of an orderly exit from this business in the medium term. We willcontinue to keep shareholders updated. Stead & Simpson announces record profits and appointment of financial adviser The Board of Stead & Simpson, the UK's third largest specialist shoe retailer,today announces unaudited profits before tax for the year ended 1 January 2005of £8.9 million, almost doubling the profit of £4.6 million in the previousyear. Turnover for the period was £140.3 million, compared to £130.1 million inthe previous financial year. The Board also announces today the appointment of Clearwater Corporate FinancePLC, as financial adviser to the Company. Clearwater has been appointed tocarry out a strategic review in which a wide range of exit options for some ofStead & Simpson's current shareholders will be considered, including a possibleflotation. Any decision will ensure that future funding will be available tosupport and further the growth of the business. David Lockyer, Chief Executive of Stead & Simpson, commented, "We are delighted by this excellent set of results which were driven by acombination of refitted stores and the ability to offer our customers anincreasingly wide choice of fashion and brands. We will continue to invest inrefurbishing existing stores. "Stead & Simpson has grown consistently since 1997 when the current managementteam took over and some of our shareholders have now expressed an interest tostand aside and allow the company to examine options to fund the group'sexpansion as we cross the threshold into the next stage of significant growth." For further information: Michael Marx, Development Securities 020 7828 4777 Alison Howard, The Communication Group plc 020 7630 1411 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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