Sketchley skips divi again

By THIS IS MONEY
Updated:

 

Sketchley investors will again miss out on a dividend this year due to the former dry cleaner being hit by an £11.1 million loss after the sale of its retail business, it emerged today.

Sketchley said it had made a loss before tax of £11.1 million from the dry-cleaning and SupaSnaps businesses sold off last July, including a loss of £10.3 million from the sale.

'The board has decided not to pay a dividend for the year under review,' Sketchley said.

It is the second consecutive year the company has not paid a full-year dividend.

Including the retail business, Sketchley recorded a pre-tax loss for the year to April 2 of £6.9 million, compared with a £4.3 million loss at the same time last year.

Turnover also dipped to £185.2 million, down from £240.4 million last year.

However, profits for its remaining textiles and utility businesses rose 9% to £6.3 million, up from £5.7 million at the same time last year.

Turnover also rose by 7% to £172.4 million, up from £160.7 million last year.

The group's textile services division, which includes garment maker CCM and the Workwear and Dimensions Corporatewear brands, saw sales jump 10% to £92.5 million and operating profits rise

Sketchley's utility business, which has electricity contracts with ManWeb and others with North West Water and Severn Trent, also increased its turnover to £79.9 million from £76.8 million.

However, its operating profits fell to £4.2 million from £5.5 million last year after its Yorkshire Water contract was not renewed.

Sketchley said it had decided on a new name for its continuing operations - a condition imposed when it sold its retail arm Switzerland's Minit Group last year.

Its new name will be Semara Holdings.

Chairman Sir David Davies said the group's remaining businesses were both well-placed for continued success, with utility services increasing the value of its contracts.

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