UK: Dawson International reports wider H1 loss
- Turnover GBP24.1m, down from GBP28.2m
- H1 loss GBP2.8m, wider than GBP1.7m
- Outlook remains "challenging"
UK cashmere firm Dawson International has posted a wider first-half loss in line with sloping demand.
Turnover for the period fell 14.5% to GBP24.1m (US$39.1m), down from GBP28.2m a year earlier.
Operating loss widened to GBP2.8m, from GBP1.7m in the first half of last year.
The company also said the sale of its Todd & Duncan yarn spinning division was completed on Friday (28 August).
Chairman David Bolton said: "As anticipated...the group has experienced a lower level of demand overall for its products in the first six months of 2009, trading through the worst economic conditions experienced for a very long time.
"It is important to note that performance in the first half of the year reflects the seasonality of the US knitwear division, which generates over 90% of its sales and all of its profits in the second half of the year."
The company added that the outlook for the full-year remained "very challenging".
Scottish cashmere firm Dawson International Plc says sales and profits will be ahead of market expectations for the year, after its business was boosted by high margin sales to couture customers....
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