Business
Half-yearly Report
Half-yearly Report.
About this update from Angling Direct Plc
[{"type":"text","content":"\n \n Angela Flowers Gallery plc \n\n Interim Statement and Results for the \n six months ended 30th June 2009 \n\n\n\n CHAIRMAN'S STATEMENT \n\nThe first half of 2009 has been a period of consolidation. The aim has been to\nsteady the ship in the face of extremely challenging financial times. Our\nstrategy to reduce costs has been a success. We have witnessed a great deal of\ninterest from collectors old and new, but a reluctance to part with money. I am\nconfident that we have weathered the worst of the storm and that as soon as\nconditions improve in the contemporary art market we will be well placed to\nbenefit. Your board of directors support me in believing that there remains a\ngreat opportunity in the United States: that being so, we have now found new\npremises in Chelsea, New York where we plan to open this fall.\n\nOur results for the first half of 2009 are a little better than anticipated and\nan improvement on the first half of 2008. Gross profits of £961,463 on sales of\n£2 million for the half year are down from £1.12 million on £2.34 million\nturnover in 2008, but with operating costs down from £1.16 million to £997,547\nthe net loss of £56,495 is a small, but welcome improvement on the loss of £\n87,809 last year.\n\nWe plan to launch our new website shortly. The news page is an excellent place\nto find all the exciting exhibitions our artists are involved in both at the\ngalleries and elsewhere. Lucy Jones has recently been shortlisted for the £\n25,000 Threadneedle Art Prize taking place at the Mall galleries in London.\nNadav Kander's imminent exhibition \"Obama's People\" at Kingsland Road has been\nattracting fabulous press. Patrick Hughes is about to celebrate his 70th\nbirthday with work in exhibitions across the globe. Robert Polidori has\nretrospectives taking place in Montreal and Rio de Janeiro. Edward Burtynsky is\nabout to open a significant new exhibition \"Oil\" at the Corcoran Art Gallery in\nWashington DC.\n\nIt is, however, unfair to mention only a few of the Gallery artists as all of\nthem continue to produce work of the highest calibre.\n\nLastly I want to thank all the staff. They have remained incredibly positive,\nhard-working and motivated despite the odds.\n\nI look forward to bringing further good news in the months and years ahead.\n\nAngela Flowers\nChairman\n15 September 200...