• 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".