Investment reports

The group announces an expanded pre-tax loss in 1H; Fall in stocks

By Ian Walker

Shares of Group PLC fell 11% on Thursday after the company announced a widened pre-tax loss for the first half of the year, which it blamed on weaker demand in the face of the crisis. cost of living, and said it expects to report 3.7 million pounds ($4 million) of one-time costs due to downsizing.

Shares at 1429 GMT were down 0.33 pence to 2.58 pence.

The London-listed online homeware and furniture retailer, which went up for sale last week, reported a pre-tax loss for the six months to June 30 of £35.3million, compared with a loss of £10.1m from the previous year, on revenue which fell from £171.0m to £178.2m.

Gross order value – a closely watched measure – fell to £173.6m from £213.9m due to weakening consumer confidence.

Made said it continues to focus on profitability through its MADE RE:DESIGNED transformation program. It began a downsizing on September 15 aimed at reducing annualized costs by £6m.

“MADE is not alone in being impacted by supply chain issues and cost of living pressures, but we are confident that MADE has a strong brand, an excellent product range and a large and loyal customer base. in the UK and Europe,” said managing director Nicola Thompson.

On September 23, the company began a formal review of its options, which involve raising additional funds through debt, an investment partner and selling assets or the group.

He said at the time that the company had had a number of strategic discussions with interested parties, but had not received any takeover approaches, nor was it in takeover talks.

Write to Ian Walker at [email protected]