News blog
Discover Leisure
- BY: Andrew Hore |
- POSTED: 09/09/2008 |
Discover Leisure says that its full year profits will be much lower than expected.
Discover shares slumped 1.5p to 2.375p. The company is valued at £6m.
The caravans and motorhomes retailer says its revenue was £138m in the year to August 2008. It says that it will be profitable in the full year just not as profitable as hoped. There may even have to be some stock provisions which could mean that the profit is overshadowed by exceptional costs.
Caravan sales have been weak and that wasthe main reason behind the disappointment. After sales business contributed 13% of 2007-08 revenues and just over one-third of gross profit.
Higher stock levels mean that net debt has risen to £22m.
The difficult trading conditions are expected to continue.
Discover will release its full year figures on 1 December.
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