Leeds Group's profits rise despite high cotton prices

15th Jun 2011 13:09

Fabric importer Leeds Group reported a jump in pre-tax profits for the six months ended March 31, as sales price increases offset the negative impact of high cotton prices. For the half yearly period, the company made a pre-tax profit of £895,000, compared with £744,000, a year earlier. Despite a disappointing performance in the second half of the previous financial year, Leeds Group said its earnings per share increased to 2.2p from 1.8p in the corresponding period in 2010. Net asset value per share (excluding shares held in treasury) was 46.6p, inclusive of goodwill, Leeds Group said in its statement. "There has been a substantial increase in the price of cotton goods, but our sales price increases have made it possible to preserve margins at close to last year's level," Chairman Kathryn Davenport said.AR