Leeds Group profits boost
Profit at Leeds Group has risen to £809,000 despite a fall in sales at its main trading arm.
Fabric sales at Hemmers-Itex, based in Germany, fell 5.5 per cent in the eight months to the end of May compared to the same period the previous year but higher prices for cotton goods helped its operating subsidiaries emerge with a pre-tax profit of £589,000.
Hemmers bank debt was reduced by £2.72m thanks to profit from trading and a reduction of more than £2m in working capital.
Leeds Group also controls 29 per cent of textile firm Dawson International which earlier this week warned it expected trading to be hit by increases in cashmere raw material prices.