UK: Alexandra’s H1 profits fall but raises FY targets
UK corporate clothing and workwear supplier Alexandra Plc has posted a 10% decline to GBP2.8m (US$5.7m) in adjusted first-half pretax profits amid lower sales and higher finance costs.
In a statement Thursday, the company said revenues fell to GBP39.2m from GBP40.7m last time.
Finance costs rose 9.8% to GBP1m due to higher average borrowing levels and successive interest rate rises in the past year, squeezing margins.
Alexandra said trading in the rest of the year is improving, however, and that it expects full-year results to be strong.
"Trading in the second half of the year has been good and year-to-date order levels have made ground to stand on a par with last year," chairman Chris Marsh said in a statement, adding that recent measures to bolster profits - notably a restructuring of the sales team - will help the firm meet full-year profit targets.
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