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Knitwear maker Dawson reports preliminary 2006 financial results
05 Jun '07
2 min read
Scottish cashmere specialist Dawson International Plc has reported preliminary financial results for the period ended 30 December 2006.
• Turnover £102.1 million (2005: £111.6 million)
• Pre-exceptional operating loss £1.5 million (2005: £2.1 million profit)
• Production issues at Todd & Duncan now resolved, high performance yarns launched
• Restructuring at Dorma largely completed, focus now on developing the brand
• Excellent performance at Barrie and Dawson Forte knitwear businesses
• Significant reduction in pension scheme deficit
Commenting on the preliminary results for the period ended 30 December 2006, Chairman Mike Hartley said: “These disappointing results for 2006 are a temporary setback in our strategy to return the Group to sustainable profit. Production issues at Todd & Duncan in the first half of the year are now resolved although their financial impact, exacerbated by increased raw material prices, affected the full year position. Dorma has undergone significant change since acquisition in 2005, both in terms of structure and product and the associated costs impacted their results in 2006. I am pleased to report another year of excellent performance in our Knitwear division.
“The markets within which the Group operates remain challenging. During 2007 we can look forward to improving results at Todd & Duncan and Dorma and continuing excellent contributions from our Knitwear division.We can expect that there will be further reductions in the underlying pension deficit. The Board remains alert to opportunities to improve shareholder value.”
Dawson International Plc, the group's principal activity is the operation of cashmere businesses. It operates in every aspect of cashmere from goat to garment. It operates through its three business segments. Fibres & yarns operates under Todd & Duncan and Joseph Dawson. Knitwear operates under Barrie and Ballantyne.
• Turnover £102.1 million (2005: £111.6 million)
• Pre-exceptional operating loss £1.5 million (2005: £2.1 million profit)
• Production issues at Todd & Duncan now resolved, high performance yarns launched
• Restructuring at Dorma largely completed, focus now on developing the brand
• Excellent performance at Barrie and Dawson Forte knitwear businesses
• Significant reduction in pension scheme deficit
Commenting on the preliminary results for the period ended 30 December 2006, Chairman Mike Hartley said: “These disappointing results for 2006 are a temporary setback in our strategy to return the Group to sustainable profit. Production issues at Todd & Duncan in the first half of the year are now resolved although their financial impact, exacerbated by increased raw material prices, affected the full year position. Dorma has undergone significant change since acquisition in 2005, both in terms of structure and product and the associated costs impacted their results in 2006. I am pleased to report another year of excellent performance in our Knitwear division.
“The markets within which the Group operates remain challenging. During 2007 we can look forward to improving results at Todd & Duncan and Dorma and continuing excellent contributions from our Knitwear division.We can expect that there will be further reductions in the underlying pension deficit. The Board remains alert to opportunities to improve shareholder value.”
Dawson International Plc, the group's principal activity is the operation of cashmere businesses. It operates in every aspect of cashmere from goat to garment. It operates through its three business segments. Fibres & yarns operates under Todd & Duncan and Joseph Dawson. Knitwear operates under Barrie and Ballantyne.
Dawson International Plc
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