Fabric importer Leeds Group (LON: LDSG) is the top mover in London this morning, gaining over 49% after the company revealed that sales for the six months ended November 30 2020, were higher than expected.
The company’s revenue rose to £19.95 million, compared to £18.60 million during the same period the previous year.
“Even though the Covid-19 situation is still impacting the global economy, sales for Hemmers and KMR in the first six months of the financial year have been higher than expected,” commented Jan G Holmstrom, Leeds Group’s chairman.
The group’s pre-tax profit came in at £735,000, well above the £880,000 loss during the same period in 2019.
“The effect of prior year cost-cutting measures is now evident with a reduction in costs. Management is focused on aligning the business with sales demand and competing in markets where it can make acceptable margins,” continued Holmstrom.
Leeds Group shares are currently priced at 27.7p, up 49.73% from Thursday’s close at 18.5p.
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