News blog

Lees Foods

  • BY: Andrew Hore |
  • POSTED: 11/02/2009 |

Lees Foods has achieved record sales in its core businesses in 2008 but it was hit by a Woolworths bad debt.

The macaroon bars and snowballs maker has made a provision for a £69,000 bad debt from Woolworths.

Excluding the bad debt, the sales and underlying profits will be in line with expectations. The market expectation is a 2008 profit of £450,000, against £721,000 in 2007. The first half profit was £222,000.

Shares in Lees have fallen 1.5p to 126p each, which values the company at £3.11m. The shares are trading on 10 times estimated 2008 earnings.

The main worry is the Patisserie UK subsidiary, which lost a major customer. Lees is considering the future of this business, which was acquired in December 2007.

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds