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Jacques Vert

  • BY: Andrew Hore |
  • POSTED: 07/07/2009 |

Profits slumped at womenswear company Jacques Vert.

Jacques Vert designs, manufactures and retails womenswear under its own brand and those of Planet, Windsmoor and Precis Petite. Revenues slipped from £115m to £111m in the year to the end of April 2009. Stripping out exceptional restructuring charges of £4.94m, the underlying profit fell from £3.99m to £2.08m, which is in line with Seymour Pierce’s forecast at the interim stage.

There is cash in the bank of £4.53m and no borrowings. This cash position was stronger than expected. Most of the restructuring charges were for provisions against leases. This means that the cash has not been paid out yet. There are £7.2m of business provisions on the balance sheet.

At 6.75p a share, down 0.25p on the day, Jacques Vert is valued at £13m. The net asset value is £20.1m, or £17.7m excluding goodwill.

Like-for-like retail sales are 3.4% lower so far this year but gross margins have edged up. Underlying profits look likely to be flat this year. The shares are trading on less than eight times forecast earnings. 

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