Consolidated profits came in at£200,000, turning around a£5.4 million deficit the previous financial year.
The retail division recorded an operating profit before exceptional items up 12 per cent to£5.6 million and the wholesale division: returned to profitability after significant losses last year.
'I am pleased to report on a year in which the group has made further
substantial progress. Group cash generation was also very strong and we had
nearly eliminated our net debt by the year end,' said chairman Derek Lovelock.
'Looking forward, the new financial year has begun creditably, although market conditions remain tough. The wholesale division returned to profitability, due largely to a significant improvement in margin following the successful closure of the in-house manufacturing operations and the transfer of product sourcing principally to the Far East.'