Leeds Group describes 'promising' first half

Textile specialist Leeds Group said in an update on Wednesday that its first half performance was “promising”, as it worked to return to profitability.

The AIM-traded firm, which was holding its annual general meeting, said its Hemmers-Itex operation had made further cost-cutting moves in a bid to align its overheads with sales volumes.

Non-executive chairman Jan Holmstrom told shareholders that the division was therefore in a good position to improve in the second half.

“As stated in the 2022 annual accounts, as a post balance sheet event, Stoff-Ideen-KMR was placed into an insolvency process on 7 October, and that process continues to realise any assets held,” Holmstrom added.

Reporting by Josh White for Sharecast.com.