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Profits at textiles specialist 'Leeds Group' slither

26
May '09
Tough trading conditions have affected the profits of Textile specialist 'Leeds Group'. Half year pre-tax profits of this Leeds-based company dropped down from £315,000 to £134,000 a year ago, despite the increase in revenue from £11.3m to £13.3m a year earlier.

According to the chairman of the company, Mr Ewen Wigley, Leeds group's operations, amid the challenging economic climate, resulted in reduced margins and decrease in profitability.

The German-based Hammers-Itex fabric division of Leeds group is continuously increasing its efficiency and reducing its product costs. However, its recently established Chinese subsidiary is helping profits and will do better in the future.

The outlook for rest of the financial year is likely to remain challenging as European economies are not expected to improve in a short period, said Mr. Wigley.

Fibre2fashion News Desk - India


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