Pre-tax loss of €1.9m for Stafford Holdings
THE CHAIRMAN of the group which runs the Lifestyle Sports retail chain said all three group businesses were taking necessary action to return to profitability.
Victor Stafford made the comment as new accounts showed pre- tax losses at Stafford Holdings Ltd and subsidiaries increased by 70 per cent last year to €1.9 million.
Accounts filed with the Companies Office show losses increased despite revenues increasing by almost €10 million to €337.3 million in the 12 months to September 30th last.
The Co Wexford-based group purchased Lifestyle Sports for €60 million in 2005.
A statement from Mr Stafford said last year “was another challenging year for the group across its three core businesses – Lifestyle Sports, Campus Oil and Stafford Fuels – but I am pleased to report that some excellent progress has been made in terms of returning Lifestyle Sports to being earnings before interest, tax, depreciation and amortisation (Ebitda) positive, and through the continued relentless cost-reduction being achieved both in Lifestyle Sports and Campus Oil”.
Campus Oil, he said, “performed satisfactorily, where again reductions in both volumes and gross margins were offset to a material extent by substantial cost savings”. Stafford Fuels, he added, “encountered the most challenging conditions”.
The accounts show an operating profit before exceptional items of €791,000 following a loss of €24,000 in 2010. They show costs of €950,000 concerning restructuring of its sports retail business contributed to the group loss last year.