At the same time, I am pleased to report that first-half trading has been according to plan, with total sales for the half-year falling by 16 percent to £8.4m (2005: £10.0m) reflecting our gradual withdrawal from Private Label business.
This increase in Brand sales reflects the inclusion for the first time of Charnos Lingerie sales, which totalled £966,000 in the period, (2005: Nil) and continued growth in sales from the existing brands, notably Lepel and Ted Baker Intimates, which were up 27 percent on last year to £4.7m (2005: £3.7m).
Operating losses from continuing operations were £390,000 (2005: loss of £636,000), but the one-off sale of fixed assets (the Borrowash building) and net interest income enabled us to achieve a pre-tax profit for the half-year of £1.6m (2005: profit of £0.9m).
It is pleasing to report that the improvement in our results is supported by a growth in gross margin, due to the greater proportion of Branded sales, the addition of Charnos Lingerie and the benefits of operational improvements, which should continue into the second half of the year. These results keep us on track for the full year, where we expect to see a further improvement in our overall performance.
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Intimas Group PLC is a designer and supplier of ladies intimate apparel, with a portfolio of brands comprising of Lepel, Miss Lepel, Ted Baker Intimates, Discover Mademoiselle, Charnos and "By Caprice" Lingerie.
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