Creightons eyes worst day in nearly 10 years as profit drops
12/07/2022 09:53
** Shares of British consumer goods company Creightons
CRGT.L down 28% at 39p - set to record worst day since Nov
2012, if losses hold
** Co's annual profit-before-tax dropped 33% to 3.46 bln
pounds ($4.09 bln) as it faces delayed deliveries and higher
energy and overhead costs due to supply chain and inflationary
pressures in H2
** Expects pressures to continue
** Total revenue for year ended on March 31, 2022 decreased
by 0.7% to 61.2 mln pounds
** Says not proposing a final dividend for year, "due to the
challenging and volatile economic conditions facing the Group
and the need to be prudent about utilisation of cash resources"
** Including session's loss, stock has fallen 54.8% YTD
($1 = 0.8452 pounds)
(Reporting by Radhika Anilkumar in Bengaluru)
((Radhika.Anilkumar@thomsonreuters.com))