Clayform continues to bring down debt
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.CLAYFORM, the property company which also owns the Stead & Simpson shoe shop chain, is continuing to make progress on debt reduction through property sales, writes Heather Connon.
The group said yesterday that debt had fallen to pounds 49m at the halfway stage in June compared with pounds 58m at the beginning of the year. Since then it has fallen further to pounds 43m.
Robert Ware, managing director, said sales had been slow over the summer and uncertainty ahead of last week's sterling crisis had also dampened activity.
The interest rate cut had brought some improvement, but it was too early to say whether this would be translated into sales.
The pre-tax loss was pounds 10.9m, up from pounds 6.6m last time, largely because of an increase in exceptional provisions on property from pounds 800,000 to pounds 3.2m.
Mr Ware said this related to projects which the board felt it prudent to provide against, but he hoped there would be no further provisions at the year-end.
There was also a pounds 1.4m extraordinary loss on the disposal of investment properties.
The shoe shops lost pounds 1.1m compared with a pounds 2.3m profit last time. The summer was 'terrible', Mr Ware said but the latest four weeks had been much improved.
The shares were unchanged at 14p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments