UK: Dewhirst Says Optimistic Despite M&S Contraction
Clothing manufacturer the Dewhirst Group is in a more optimistic mood - even though its major customer, Marks & Spencer, last week announced plans to axe most of its overseas operations. More than 90 per cent of women's wear, men's wear and children's wear manufactured in Dewhirst's factories goes to the troubled high street giant. The company says trading conditions continue to be difficult in a market suffering from price deflation and pressure on margins. Results for the year to January 12, however, show pre-tax profits up to £22.3m from £18.8m the previous year, and a company spokesman says the latest decision by M&S is not all bad news.
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