Shares fall in troubled china maker
Troubled china maker Royal Doulton today saw its shares dive 11% today after it reported an 8% drop in like-for-like sales in 2002.
The Stoke-on-Trent-based group said it had been a “tough year” with overcapacity in the market exerting pressure on margins.
Operating losses before exceptionals widened to £14.7m (€22.06m) for the year to December 31 while group turnover slumped 17% to £138m (€207m).
But despite the “challenging” sales climate, Royal Doulton said its full year results were in line with expectations, with lower-than-expected debt standing at £11m (€16.5m) at the year end.
Chief executive Wayne Nutbeen said the benefits of restructuring were beginning to show, but sounded a cautious note about its prospects for a recovery in the current financial year.
During 2002 the group cut 1,100 jobs, closed two factories and 42 shops, and moved production of its Royal Albert range to Indonesia.
Shares in the group fell 0.5p to 3.75p today.
