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Leeds Group reports wider losses on rising competition, virus impact
StockMarketWire.com
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Textile processing company Leeds Group reported wider annual losses as the impact of the pandemic and a rise in competition dented revenue.
For the year to 31 May 2020, pre-tax losses widened to £2 million from £1.3m year-on-year as revenue fell to £35m from £39m.
Market conditions for both trading subsidiaries had been challenging and Hemmers has faced intense competition both domestically and internationally,' the company said.
'The consequences of the Covid-19 pandemic affected both Hemmers and KMR severely in the last three months of the financial year,' it added.
Looking ahead, the company said sales levels for Hemmers and KMR in the first few months of the new financial year had been better than expected. But the company said there was a risk that there may be further local or country wide restrictions which would again affect trading.
At 9:54am: (LON:LDSG) Leeds Group PLC share price was +0.5p at 11.5p
Story provided by StockMarketWire.com
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