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Bagir to make £1.17m loss in first half

Supplier Bagir Group has said it expects to make a half-year loss of $2m (£1.17m) for the six months to June 30, after a challenging period including an “unexpected reduction” in orders from Marks & Spencer.

The business, which also supplies Arcadia, is expecting to show revenue of $48m (£28m), and EBITDA of $1.6m (£940,000).

EBITDA and loss before tax exclude IPO costs of $300,000 (£175,000), which are to be charged against earnings. Net debt is approximately $9m (£5.3m).

Full-year expectations are now at the lower end of the range predicted back in May. Revenues for the year to December 31 are expected to be between $100m and $104m (£58m and £60m), while EBITDA should come in at between $4m and $6m (£2.3m and £3.5m).

Half-year results will be published on or around 11 September 2014.

M&S unexpectedly cut its orders in May, leading Bagir to issue a profit warning just one month after its London stock market debut.

Prior to this, Bagir had predicted revenues $15m (£9m) higher.

 

 

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