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Seraphine Group PLC - London-based maternity and nursing wear maker - Posts total revenue of £19.7 million for the 26 weeks ended on October 2, down 9.6% from £21.8 million the year before. Says product revenue declines by 12% in constant currency to £18.9 million from £20.8 million, due to the ‘highly challenging retail trading environment as noted by the retail sector as a whole’. Pretax loss, however, narrows to £3.9 million from £7.3 million the year before. Distribution costs are reduced to £4.1 million from £4.5 million, ‘partly in line with volume’, Seraphine adds.
Looking ahead, says trading for the first nine weeks of the second half of financial 2023 has been in line with expectations. Net debut amounted to £3.6 million at period end, compared to £1.3 million a year earlier.
Chief Executive Officer David Williams says: ‘In the short term, we will pause the rollout of further international markets and focus on product innovation and improving our service proposition in existing markets. We have some exciting new products planned for the months ahead - including a highly innovative baby carrier- and with a niche yet loyal customer demographic, whose custom is often non-discretionary, we are confident that we are building a strong platform for the future.’
Current stock price: 12.00 pence
12-month change: down 93%
By Xindi Wei, Alliance News reporter
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