Faltering consumer confidence and rising commodity prices hit Abbeycrest

Abbeycrest plc, the jewellery designer and manufacturer, said its performance had "stabilised", despite slipping to a half-year loss.

By The Newsroom

Published 25th Oct 2010, 10:58 BST

Updated 26th Oct 2010, 15:54 BST

The Leeds-based company saw revenues increase by 5 per cent in the six months to August 31, it announced today.

It made a pre-tax loss after exceptional items of 500,000 after its Essentials division was hit by faltering consumer confidence and rising commodity prices.

The company reduced net debt by 14 per cent to 7m.

Simon Ashton, executive chairman of Abbeycrest, said: "The outcome for this financial year is, as usual, dependent upon the key Christmas trading period and underlying retail conditions in our existing markets.

"Notwithstanding this, the board believes that the group's performance has now stabilised sufficiently to ensure that it will benefit incrementally as the effects of the recent restructuring are felt and the strategic shift to design-led product gains traction."

Leeds