Coffee beans distributor Coburg Group plc (CGG.L) reported Wednesday a narrower loss for its fiscal year ended 30 April 2009, reflecting lower distribution and administrative costs.
The UK-based company's net loss for the period narrowed down to GBP 123 thousand or 0.52 pence per share from GBP 133 thousand or 0.56 pence per share in fiscal 2008.
The company said it missed its targeted breakeven position, as during the second half it experienced a dramatic change in the sterling dollar exchange rate which had the effect of substantially increasing the cost of green coffee purchases.
Coburg Group's revenue for the year was GBP 3.54 million, lower than last year's GBP 3.58 million.
Cost of sales for the group rose to GBP 2.51 million from GBP 2.28 million incurred a year ago.
The group had considerably reduced its distribution costs and administrative expenses to GBP 308 thousand and GBP 806 thousand from GBP 494 thousand and 910 thousand, respectively, resulting in narrower operating loss of GBP 84 thousand as against GBP 122 thousand incurred a year earlier.
Commenting on the forthcoming fiscal Coburg Group's Chairman Konrad Legg noted, "Since the end of the financial year, the margins have recovered after price increases were successfully passed through to customers and we look forward to reporting first half profits in this new financial year. There is no doubt that we shall have a very difficult time during the next year. However I believe that there will be increasing opportunities for consolidation in our sector. The board continues to look at a number of acquisition and co-operation opportunities."
CGG.L is currently trading at 2.88 pence, on the LSE.
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