Magazine article Marketing

Downturn Creates Huge Losses for Fitch

Magazine article Marketing

Downturn Creates Huge Losses for Fitch

Article excerpt

1990 was "the most difficult year yet" for design giant Fitch RS, according to the company's preliminary results published by last week.

The retail design specialist, which ranked alongside the now defunct Michael Peters Group as one of the biggest names of the 80s, has reported a massive slump in its 1990 pre-tax profits. They fell drastically to a mere 51,000 pounds from 3.7m pounds in 1989.

Turnover declined by a hefty 12% from 25.8m pounds in 1989 to last year's 22.6m pounds. As a result of the disastrous performance, the company is not issuing a final dividend to its shareholders.

The group recorded two very substantial "extraordinary" losses: 656,000 pounds in redundancy payments and 6.5m pounds off the value of its Kings Cross site. Martin Beck, Fitch's recently appointed chief executive, predicts the ill winds will continue to blow throughout 1991, but adds that a strenous rationalisation programme will certainly position the group "advantageously for any upturn in the economy". …

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