Meat and deli products retailer Crawshaw Group’s sales have strengthened since it reversed into Felix Group in April 2008.
Like-for-like sales improved by 3% in the period from mid-April to July 2008. Since then like-for-like sales have risen by 4%. Two stores that have been rebranded have grown sales even faster.
The interim figures are based on Crawshaw’s results for six months and Felix’s figures for just over three months. Rapidly rising meat prices put pressure on margins for six weeks in the second quarter.
Revenues grew from £4.08m to £7.17m in the six months to July 2008. The reported loss was £1.18m, although that was after £1.45m of restructuring and reversal costs following the reversal. The underlying profit was £271,000. Net debt was £1.96m at the end of July 2008.
Crawshaw held off opening new stores in order to gain better terms for properties. New stores have been opened in July and October and they are trading strongly. Three more stores - Chesterfield, Mansfield and Huddersfield - will be opened in the fourth quarter.
Crawshaw shares edged up 1p to 22.5p, valuing Crawshaw at £10.5m.
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