BusinessCompany NewsMFI sees revenues plunge

MFI sees revenues plunge

MFI reports a 11.8% revenue dip, but promises that that ship has been steadied

MFI said today that its revenues for
the six months to 10 June had plunged from 11.8% to £597.1m, but nevertheless
promised that the business was on a much sounder footing than a year ago.

The furniture retailer reported an operating loss before exceptional items of
£14.2m, an increase on the £0.3m loss reported over the same period in 2005. The
pre-tax loss at the company was £45m, compared with a pre-tax profit of £57m in
2005

‘Our first task was to stabilise the Group, which we achieved, and we now
have greater visibility of the three businesses,’ said MFI chief executive
Matthew Ingle.

The MFI boss warned, however, that trading would continue to be tough in the
future.

‘In a rapidly changing market place, retail remains challenged, but we are
committed to finding a way forward, even if it remains a long road ahead,’ he
said.

Last year, reports said that MFI was at risk of breaching its banking
covenants, prompting a number of investors to short the company’s shares.

See MFI’s latest share price
here

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