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Jacques Vert

  • BY: Andrew Hore |
  • POSTED: 13/01/2009 |

Jacques Vert reported interim figures in line with expectations.

Jacques Vert designs, manufactures and retails womenswear under its own brand. The reverse takeover of William Baird - via a one-for-one share swap in December 2002 - added the Planet, Windsmoor and Precis Petite labels.

Profits declined from £2m to £1.3m in the six months to October 2008. Sales fell from £58.8m to £54.9m. This is a better performance than some competitors.

Dollar exposure is hedged until early 2010.

There was net cash of £4m at the end of October 2008 after a fall in stock and debtors. This is likely to fall to £2.8m by the end of April 2009 but the balance sheet remains strong.

House broker Seymour Pierce forecasts a fall in full year profits from £4.7m to £2m – down from the previous forecast of £3m profit. It hopes for a recovery to £2.5m in the year to April 2010.

The shares still fell 0.5p to 5.5p each, which values Jacques Vert at £10.6m. The shares are trading on less than six times forecast 2008-09 earnings.

The net asset value is 13.3p a share so the shares are trading at a 41% discount to this figure.

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