Newspaper article The Journal (Newcastle, England)

Share Placing Gives Retailer Pounds 1.3m; Stocks and Shares

Newspaper article The Journal (Newcastle, England)

Share Placing Gives Retailer Pounds 1.3m; Stocks and Shares

Article excerpt

Byline: Anthony Peart

RETAILER Premier Direct announced that it has successfully raised around pounds 1.3m from the market through a share placing.

The group specialises in selling toys, gifts and books to office workers through a network of dedicated distributors.

Premier Direct placed six and a half million ordinary shares with institutional and private investors, including the senior management of the company.

The funds will be used to repay short-term banking facilities and provide additional working capital for the business.

Over the Christmas trading period, sales were slower than expected and the introduction of a new IT system resulted in an over-purchase of stock.

Despite these problems, Premier Direct confirmed that margins are improving and costs are being reduced. The board is confident that trading will be in line with expectations for the six months to today.

Premier Direct's share price was marked lower over the course of the trading day by 2. …

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