9 December 2010 – interim results
Results for the six months ended 23 October 2010 have been released. These were weak, with sales down 6% to £749.5m and a loss before tax of £41.3m reported. The interim dividend payout was halved from 1.8p to 0.9p. Unsurprisingly, the share price has taken a hit. However, the Christmas trading period remains critically important and for now we are prepared to give the company another chance given the bargain basement share price. HOLD.