Friday, Coffeeheaven International Plc (COH.L), the operator of coffee bars in Central Europe, reported a widened loss in the first-half ended September 30, 2008.
Loss attributable to ordinary shareholders widened to £683 thousands from £366 thousands a year ago. Loss per share for six months was 0.54 pence, compared to a loss of 0.32 pence last year.
Statutory pre-tax loss from continuing operations for the first-half widened to £314 thousands from £185 thousands in the comparable period last year.
Normalised group pre-tax profit from continuing operations was £15.9 thousands, compared to a loss of £72.6 thousands a year ago. Normalised group profit for the first half declined to £14 thousands from £24 thousands.
Group turnover for six months increased to £11.94 million from £8.6 million last year. Revenues from continuing operations increased 82% to £11.9 million from £6.6 million, while group like-for-like sales decreased to 16% from 20% in the previous year.
Across its operations, sales grew in Poland 77% to £9 million, with like-for-like remaining flat at 19%. In Czech Republic, sales from continuing operations surged 103% to £1.8 million, but like-for-like sales declined 2%.
In Latvia, sales grew 62% to £858 thousands, with like-for-like sales growth of 37%. For Bulgaria like-for-like sales remained flat at 8%.
Looking ahead, the company expects the first two months of the second half year to remain strong and ahead of the Board's expectations and that its store operating margins remain solid with no significant impact yet on trading from the global credit crunch in most markets. Further, the company said it is well positioned to capitalize on any economic downturn should it occur.
Additionally, for Central European Region, Coffeeheaven said like-for-like sales in all markets to date are expected to remain broadly at first half levels.
Currently, the stock is up 0.65 pence, trading at 15.65 pence on the London Stock Exchange.
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