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Lees Foods

  • BY: Andrew Hore |
  • POSTED: 27/05/2009 |

Macaroon bars and coconut snowballs maker Lees Foods reported a 2008 loss following the administration of its Patisserie UK subsidiary.

That loss of £1.36m includes a £1.82m impairment charge for goodwill relating to Patisserie UK. There was also a bad debt provision of £69,000 for money owed by Woolworths. Underlying profits fell from £721,000 to £402,000, while revenues from continuing activities rose from £14.9m to £16.1m. Export sales are building up.

The cash in the bank has improved from £955,000 to £1.3m over the year. Cash generated more than covered capex and dividends.  Net debt fell to £206,000 at the end of 2008. Management intends to claim back some of the cash paid for Patisserie UK.

The dividend is unchanged at 6.7p a share.

This year’s trading has been strong and profits are ahead of the same period last year.

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