Seraphine Group PLC - London-based maternity and nursing wear maker - Posts total revenue of GBP19.7 million for the 26 weeks ended on October 2, down 9.6% from GBP21.8 million the year before. Says product revenue declines by 12% in constant currency to GBP18.9 million from GBP20.8 million, due to the "highly challenging retail trading environment as noted by the retail sector as a whole". Pretax loss, however, narrows to GBP3.9 million from GBP7.3 million the year before. Distribution costs are reduced to GBP4.1 million from GBP4.5 million, "partly in line with volume", Seraphine adds.

Looking ahead, says trading for the first nine weeks of the second half of financial 2023 has been in line with expectations. Net debut amounted to GBP3.6 million at period end, compared to GBP1.3 million a year earlier.

Chief Executive Officer David Williams says: "In the short term, we will pause the rollout of further international markets and focus on product innovation and improving our service proposition in existing markets. We have some exciting new products planned for the months ahead - including a highly innovative baby carrier- and with a niche yet loyal customer demographic, whose custom is often non-discretionary, we are confident that we are building a strong platform for the future."

Current stock price: 12.00 pence

12-month change: down 93%

By Xindi Wei, Alliance News reporter

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