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Leeds Group warns of 'significant' reduction in financial performance

By BFN News | 12:52 PM | Friday 17 May, 2019


Textile processing company Leeds Group said it expected its results for the current financial year through May to be 'significantly below' the previous year's results. The company had announced in March that market conditions very challenging with increased competition in a reduced market. 'Unfortunately, the market conditions have deteriorated further since March 2019,' Leeds said. 'The board now expects the group's revised expectations for the current financial year to be significantly below last year.' Working capital remained adequate, the company said. Leeds said it had requested that each of its trading subsidiaries implement cost reduction programmes. The savings would not have an effect on the current year's trading result through May, but had the objective of returning to 'acceptable profit levels' in the next financial year. At 12:52pm: (LON:LDSG) Leeds Group PLC share price was -2p at 20.5p Story provided by StockMarketWire.com

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