Chapelthorpe unfurls divi damper
12 April 2012
BROLLIES, floorcoverings and wallpaper group Chapelthorpe suffered £2.7m of bad and doubtful debts last year in a period of tough trading. It has slashed its dividend from 1.63p to 0.5p.
Chief executive Brian Leckie said: 'Although there was some improvement in the second half of the year and current trading is more encouraging, now is the time to husband cash to ensure that we have sufficient working capital for the immediate future.'
Sales fell 9% to £127m. A wet spring hit sales of parasols and uncertainty in the City knocked the corporate brollies market. Pre-tax profits before exceptional charges of £2.8m fell by 54% to £2.4m.
