Business
Interim Results
Interim Results.
About this update from Potter & Moore Plc
[{"type":"text","content":"\n RNS Number : 9087I Creightons PLC 26 November 2008 \n \nCreightons plc\nInterim financial report\nFor the six months ended 30 September 2008\n\n\nChairman's Statement\n\nI am pleased to report to you that business continued to grow over the past six months resulting in an increase in sales of over 7% to £6,957,000 (2007: £6,477,000) in the six months to 30 September 2008. This has mainly been achieved through growth in our branded ranges and private label customers with a decline in sales to our contract customers following the decision not to continue trading with one particular low margin customer. This growth has been achieved against the backdrop of an increasingly challenging retail environment.\n\nOur gross margins have improved by 1.2% compared to the same period last year partly due to sales growth being achieved with higher margin customers and brands. We have an ongoing programme to minimise the effect of the significant increases in raw material prices which has impacted on our cost base in this period. \n\nWe have continued to invest in the development of our male grooming ranges with a significant programme of retailer focused promotions, which have helped grow our branded sales but have also increased our product support costs. We will reduce the promotional expenditure in the light of the likely impact of the economic downturn on retail sales. \n\nWe have continued to develop a larger presence for our brands in the North American market with sales in the six months to 30 September of £267,000 (2007: £118,000) largely relating to The Real Shaving Company range. We intend to introduce new products based on a value driven marketing strategy to improve sales opportunities and to take advantage of the strengthening dollar.\n\nWe have maintained our staffing levels in key areas of our business and have reduced headcount in non critical functions incurring a one off cost of £23,000. We will continue to review our overhead structure to ensure it...