Mothercare plc (MTC.L) announced preliminary results for the 53 weeks ended 31 March 2012 posting a pre-tax loss of 102.9 million pounds versus a pre-tax profit of 8.8 million pounds last year.
Loss per share was 105.2 pence versus earnings per share of 7.4 pence in the previous year.
Underlying profit before tax plunged to 1.6 million pounds from 28.5 million pounds a year ago. The company noted that International has continued to grow rapidly, but the UK has struggled in the face of a challenging economic backdrop and an increasingly competitive environment.
Worldwide network sales grew 6.4% to 1.23 billion pounds, driven by the growth of the company's International business but tempered by the continued decline seen in the UK. Group sales, which reflects UK revenues and the payments the company receive from its International partners were up 2.4%.
As Mothercare announced in April, the Board has decided to suspend the dividend until the 'Transformation and Growth' plan delivers a marked improvement in the company's results. There will therefore be no final dividend payment this year, which means the payout for the full year is 2.0 pence per share.
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by RTT Staff Writer
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