Hopes pinned on better trading in second half
Photography specialist Jessops' profits plunged in the first half of the year, but it remains optimistic about making the necessary gains in its fourth quarter to meet market expectations.

Total sales for the 26 weeks to March 27 were up 4.2 per cent to£161 million, with like-for-like sales up 1.4 per cent. However, profit before interest, tax and amortisation was down 18 per cent to£5.7 million, compared with£7 million in the same period last year.

Meanwhile, the retailer announced the appointment of Robin Whitbread as non-executive director. He was formerly buying director at Somerfield and managing director of Kwik Save. Whitbread will chair the remuneration committee on the board.

Jessops said the second half of the year accounts for the bulk of its profits and that the fourth quarter is its most important trading period.

The retailer announced a profits warning in March, promising to take steps to improve trading. Jessops has also appointed ex-Dixons managing director Chris Langley as chief operating officer.

The retailer said that in the six weeks to May 8, total sales increased by 2.2 per cent, with store like-for-like sales down 2.4 per cent.

Jessops chairman Gavin Simonds said: 'While it is still too early to forecast the outcome for the year, a continuation of the fragile consumer recovery, combined with the actions being taken, leads the board to believe that the group is on track to meet our expectations for the year.'