Slow start to second half for Alexon

Alexon has had a tough start to its second half, with like-for-like sales down 5 per cent in the seven weeks since July 28.

In its interim results announced today Alexon posted like-for-likes down 2 per cent in the 26 weeks to July 28. However, operating profits were up, reaching£5.8 million from£3.1 million for the same period last year.

Gross margins also increased, by 1.5 per cent, with turnover from continuing operations at£152.5 million.

Alexon chief executive John Osborn said: “The current trading climate remains challenging and the outcome for this year largely dependent on the critical Christmas trading period.”

Bay Trading was a stronger performer, with like-for-likes up 1.2 per cent and operating profits of£1.2 million compared with£100,000 last year.

In February, Alexon rejected a take over bid for the group after the decision was made that the approach undervalued the business.