StockMarketWire.com - Moss Bros Group booked a full-year pretax profit of £3.1 million, from £0.9 million a year earlier, and said the business continues to make good progress.

Revenue was £105.5 million, from £101.2 million.

The board recommended a significant increase to its final dividend, which would be 0.7p, taking the total dividend to 0.9p.

"We continue to make good progress and to bring momentum to the growth in profit in spite of tough trading conditions," said CEO Brian Brick.

"During 2013/14 we will continue the roll-out of the store development programme and the development of our e-commerce multi-channel offering," he said in a statement.

In parallel, the company would undertake a customer insight project, to develop a clearer brand proposition for the business, enabling it to target customers in a more defined way. Further opportunities for growth were well supported by our strong balance sheet.

"The operational trends in the business are moving in the right direction and, although trading in the first seven weeks of 2013/14 is slightly below last year's levels, we remain confident that the business will continue to make good progress in 2013/14 and meet market expectations," Brick said.

Group like-for-like sales, including VAT, were up 3.9%, against 12.5% a year earlier. Like-for-like retail sales were up 4.1%, while like-for-like hire sales were up 3.1%.

"We remain confident that the business will achieve market expectations in 2013/14," the company said.

Sales in the first seven weeks of the new financial year were slightly below last year's levels, albeit on stronger gross margins.

"Retail sales are on an improving trend following the poor weather conditions at the start of the year," it said.

"Hire boookings to date for the 2013/14 wedding season are behind last year's levels, caused in part by an increasing trend for bookings to be made later in the season. New initiatives on hire will help mitigate any shortfall, including new product ranges and a new transactional website planned to launch in H2 2013/14."




Story provided by StockMarketWire.com