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Studio Retail puts itself up for sale as profit triples
StockMarketWire.com
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Home shopping group Studio Retail said it was considering a full sale of the company as part of a strategic review urged by largest shareholder Frasers.
The announcement came as the company also booked a tripling of its first-half profit to £15.0 million.
Studio Retail had received a letter on 13 October from Frasers, the retailer formally known as Sports Direct, which owned 37% of the company.
The letter stated that Studio Retail was significantly undervalued and should review its strategy.
On Tuesday, Studio Retail said its second-largest shareholder, Schroder Investment Management, had also backed the review process.
Pre-tax profit for the six months through 25 September had jumped to £15.0 million from £5.0 million year-on-year, as revenue climbed 17% to £268.0 million.
The company said it had appointed Stifel Nicolaus Europe as its sole financial adviser.
At 9:19am: (LON:STU) share price was 0p at 260p
Story provided by StockMarketWire.com
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