July 3 British chocolate maker Thorntons Plc
expects full-year pretax profit to rise about 51
percent, in line with market expectations, and said its UK
commercial channel returned to double-digit percentage revenue
growth in the fourth quarter.
The company expects pretax profit before exceptional items
to rise to 7.1 million pounds ($11.9 million) for the year ended
June 28 from 4.7 million pounds a year earlier.
Derbyshire-based Thorntons also said it had secured support
of its existing lenders who agreed in principle to provide an
increased unsecured committed revolving credit facility of 75
million pounds, running through October 2018.
"This increased facility will provide headroom for the
increased working capital requirements associated with serving
third-party retailers," Investec analyst Nicola Mallard said in
Thorntons reported a 7.6 percent drop in the third-quarter
sales, hurt by early spring deliveries in the second quarter and
lower UK commercial sales.
Consumer sentiment remained subdued in the wake of sluggish
wage growth and a pick-up in inflation, prompting Thorntons to
close some of its stores in the third quarter and focus on
Thorntons shares were up 2.6 percent at 109.75 pence in
morning trade on the London Stock Exchange.
($1 = 0.5956 British Pounds)
(Reporting by Aastha Agnihotri in Bangalore; Editing by