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Burger maker cooks up £9m losses

by 5m Editor
26 September 2005, at 12:00am

UK - Burger and frozen food supplier Canterbury Foods has dismayed shareholders with a £9m write-down on its meat business that pushed first half losses to £11.5m. The company warned in July that high beef and energy costs and lower food prices meant that its margins were under pressure. But the scale of losses - £1.7m before goodwill and exceptionals, compared to £90,000 the year before – shocked investors into selling off the stock. The company’s share price dropped 25% to 7.5p on Thursday, 22 September, down from nearly 30p in June. Net debt was also up, reaching £19.1m at the end of June, and the firm said it was actively looking at ways to reduce the pile. <i>Source: FWi</i>

5m Editor