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Pringle of Scotland reports further losses

Luxury knitwear brand Pringle of Scotland reported pre-tax losses of £6.7m in the 44 weeks to January 30, according to accounts filed at Companies House.

Turnover fell to £11.1m over the period compared to £17.3m for the same period last year, which in part was due to a shorter accounting period.

The company’s collective losses total £24m over the past years, which is attributed to the cost of developing the Pringle brand overseas. The company has admitted it does not forecast a return to profit in the short term.

Its owners, the Hong Kong-based Fang family, have invested £3.2m in the business over 2010, on top of a £13m injection over the past two years.

A majority of the cash was spent on a major overhaul and repositioning of Pringle that aimed to broaden the brand’s appeal outside of its traditional golfing market.

Pringle’s directors said the company was still making progress in line with its long-term strategy. “The directors are satisfied with the financial position and future prospects if the company and with the financial support of the group’s continued strategy investment.”

The company reduced its number of staff from 188 to 122 during the year and has been outsourcing much of its design and production since closing it Hadwick factory in 2008.

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