Acquisitions lift Sherwood despite lace problems
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.SHERWOOD, the lace maker, has pushed its pre-tax profits up by a quarter, helped by acquisitions and greater success in selling finished garments.
Taxable profits at the Nottingham-based group rose to pounds 8.2m for the six months to 30 June from pounds 6.5m last time. Part of the growth came from the purchase of two sock makers, Samuel Eden and Charles Hall. But like-for- like sales in the garment division also increased by 16 per cent.
However, Sherwood's lace division - for which it is best known - held back the group's advance. Sales of lace fell 10 per cent and operating profits fell 14 per cent as demand for fancy goods declined worldwide. The company said lace sold in bulk suffered as customers forced prices down.
David Parker, chairman, said the group wanted to concentrate on the production of high-quality product.
He said that trading in the second half was strong. Sherwood has spent pounds 8m on new lace making machinery that Mr Parker said would give the company competitive advantages in lace production.
Earnings per share stood still at 5.3p because shares were issued to make the acquisitions. The dividend is lifted to 0.9p from 0.75p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments