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Lane Group files loss of £2.5m
Page 9
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THE LANE GROUP made a pre-tax loss of £2,467,000 in the year ending 2 October 2004, but says it has spent time turning the business around and has dealt with all the "problem areas".
The group stresses that there was actually no change to the underlying financial performance of the business.
A spokesman explains that the loss was caused by the high costs of property leases, a had debt of around .€750,000 and a significant loss-making contract.
The expected outlook for the year to 2 October 2005 is "close to break-even", according to the Lane Group's directors, who stress that they are "optimistic about future growth".
"There were three key problem areas, but we have solved those now and there has been a massive turnaround of the business with a new management team," says Lane Group's managing director Rebecca Jenkins.
The Bristol firm has just renewed its distribution and home delivery contract with kitchen specialist Magnet.