Leeds Group describes 'promising' first half

30th Nov 2022 16:10

(Sharecast News) - Textile specialist Leeds Group said in an update on Wednesday that its first half performance was "promising", as it worked to return to profitability.

The AIM-traded firm, which was holding its annual general meeting, said its Hemmers-Itex operation had made further cost-cutting moves in a bid to align its overheads with sales volumes.

Non-executive chairman Jan Holmstrom told shareholders that the division was therefore in a good position to improve in the second half.

"As stated in the 2022 annual accounts, as a post balance sheet event, Stoff-Ideen-KMR was placed into an insolvency process on 7 October, and that process continues to realise any assets held," Holmstrom added.

Reporting by Josh White for Sharecast.com.