News blog
Theo Fennell
- BY: Andrew Hore |
- POSTED: 18/12/2009 |
Upmarket jeweller Theo Fennell reported a higher interim loss but this represents an improvement on the second half of 2008-09.
Continuing revenues fell by one-fifth in the six months to September 2009. The operating loss on continuing activities rose from £956,000 to £1.03m. The second half operating loss in 2008-09 was around £1.5m.
The reported pre-tax loss rose from £840,000 to £1.08m, although the figure for the previous period includes a £108,000 profit on discontinued activities.
There was a much smaller cash outflow in the period. There was cash in the bank of £916,000 at the end of September 2009. Debt includes £300,000 convertible loan notes. The company wants to raise cash via a share placing.
Theo Fennell has returned to the company as creative director and the use of his name has been formalised. Recent trading has been strong. Like-for-like sales growth has been 38% during October and November. New outlets are being opened in Moscow and Barbados.
At 47.5p a share, Theo Fennell is valued at £8.94m.
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