Downturn at Strong & Fisher
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.A VOLATILE market in sheepskin has torpedoed earnings at Strong & Fisher, the leather manufacturer rescued by Hillsdown Holdings 18 months ago, writes John Murray.
Pre-tax profits for the six months to 30 June fell 59 per cent to pounds 2.1m (pounds 5.2m). Michael Buswell, chairman, said a shortage of lambs slaughtered in the spring drove up sheepskin prices, drastically cutting margins.
He said that the world recession had also had a severe impact because 90 per cent of Strong & Fisher's production was exported. The weakness of the dollar was also having a negative effect.
The company's animal by-products division was also hit by raw material shortages as the UK abattoir industry's livestock output fell considerably last year.
Mr Buswell was cautious about prospects for the second half, although he did predict a better perfomance. He said that the company was still looking for 'a third string to our bow' to add to the two core businesses.
The company is not paying an interim dividend because of the volatile nature of the business. The shares held at 19p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments