Luxury knitwear manufacturer Dawson International has unveiled widening losses during the half-year to July 4.
Operating losses increased threefold to £3.1 million from 2008’s £1m, on group sales of £34.8m against £41.7m last year. Interim chairman David Bolton said that demand had been affected by the “worst economic conditions for a very long time” and that the results “while disappointing, were not unexepcted.”
Extensive restructuring has taken place during the period and Dawson International confirmed the sale of Todd & Duncan, the company’s spinning and dying operation, to Chinese operation Ningxia Zhongyin Cashmere Company in the results.
Bolton said that the changes put the company in a good position to “weather the current recession and to benefit from an economic recovery.”
Dawson International is now comprised of three divisions: UK Knitwear, US Knitwear and Home Furnishings.