Member Article

Textile firm Leeds Group announces international growth

Yorkshire textile manufacturer Leeds Group plc reported sales 14% higher than in the first half of last year.

The Group made a profit after tax of £650,000 in the period, compared with a loss of £166k in the corresponding period of 2012 which was “severely influenced” by the write off the Group’s investment in Dawson International PLC that was carried in the balance sheet at 31 May 2012 at £745k

They also reported profit with their international subsidiaries. External sales volumes and revenues in local currency at ChinohTex, the Chinese subsidiary of Hemmers, grew by 48% and 22% respectively over the corresponding period last year.

Revenue at Hemmers Europe, the Group’s German based operating subsidiary, increased by 12% to £16.4 million (2012: £14.6 million).

Group chair Kathryn Davenport said: “Despite the improved performance in the first half of the current financial year, the economic environment in many of the markets in which the Group operates remains fragile.

“Sales in the seasonally quiet month of December were broadly in line with the expectations of the Board and as we approach the traditionally busy first quarter of the New Year our order books are much as they were at this time last year.

“Nevertheless the seasonal nature of our businesses has led in recent years to first half profits running somewhat ahead of those of the second half.

As ever, thanks are due to staff throughout the Group for their unstinting efforts in the period.“

This was posted in Bdaily's Members' News section by Clare Burnett .