Leeds Group PLC Trading Update (2534C)
10 Oktober 2022 - 8:00AM
UK Regulatory
TIDMLDSG
RNS Number : 2534C
Leeds Group PLC
10 October 2022
10 October 2022
Leeds Group plc
(the "Company")
Trading Update
Further to the announcement of 29 April 2022 and despite the
easing of Covid-19 restrictions, consumer confidence has been
further affected by the conflict in Ukraine.
As a result, the continuing uncertainty in global markets
remains and the impact on the German economy has deepened. Local
management have reviewed the options available to both its trading
companies, Hemmers-Itex Textil Import Export GmbH ('Hemmers') and
Hemmers subsidiary Stoff-Ideen-KMR GmbH ('KMR'), to ensure the
Company is able to meet its ongoing challenges.
KMR has continued to make losses in the current financial year
and, following an independent review, Hemmers management have
decided that the KMR business is unsustainable and has today placed
KMR into an insolvency process. During this process, the insolvency
administrator will control and operate KMR to realise its assets in
order to pay any outstanding creditors.
The Hemmers management and Leeds Group directors are committed
to ensuring that Hemmers returns to profitability and confirm that
sales for the current year are in line with their expectations.
For the year ended 31 May 2021, audited revenue for KMR
accounted for GBP5,344,000 which made up approximately 16 per cent.
of the Company's overall revenue, whilst Hemmers revenue accounted
for GBP27,669,000 (approximately 84 per cent. of the Company's
overall revenue in the same year).
This announcement contains inside information for the purposes
of UK Market Abuse Regulation and has been arranged for release by
Jan G Holmstrom, Chairman.
Enquiries:
Leeds Group plc Tel: 01937 547877
Dawn Henderson
Cairn Financial Advisers LLP Tel: 020 7213 0880
Nominated Adviser
Liam Murray / Sandy Jamieson
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END
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