News blog
Dawson International
- BY: Andrew Hore |
- POSTED: 23/06/2008 |
Higher losses from home furnishings brand Dorma pushed up Dawson International’s overall loss.
The textile group’s revenues fell 9% to £92.6m in 2007, while the pre-exceptional loss rose by two-thirds to £3.54m.
Dorma showed some improvement in the second half. It is concentrating on its best concessions in department stores and the House of Fraser concessions are growing strongly. Increased raw material costs hit the spinning division. The knitwear operations couldn’t repeat the bumper figures of 2006.
On the bright side, the pension deficit was reduced from £19.8m to £4.7m after an additional contribution of £1.35m and the present corporate bond rates.
Net debt rose from £3m to £5.7m, after generating £3.5m from the sale of its site in Kinross.
Dawson’s chief executive says he has spoken to new shareholder Leeds Group on the phone and it said it has no particular agenda.
The shares were unchanged at 1.75p, valuing Dawson at £3.94m. The net asset value is £20.5m.
House broker WH Ireland forecasts a sharp fall in the loss to £520,000 in 2008, and a profit of £400,000 in 2009.
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