- Leeds Group swung to an annual loss as increased competition pressured margins in both the wholesale and retail textile markets. The company also warned that conditions were likely to remain challenging in 2020.

For the year to 31 May, the company reported a pre-tax loss of £1.250m, compared with a profit of £0.89m, while revenue fell to £41.3 from £41.5m.

'Trading conditions remain challenging and it will be a difficult year again in 2020, as it will take time for the decisions taken this year to fully translate into improved results,' Leeds Group said.

'Given the steps that have been taken during the year to improve efficiencies which will reduce the cost level further and enable the group to compete with a more aggressive sales strategy to regain lost market share, the directors do believe the group will return to acceptable levels of profit in the forthcoming years, partly because of the potential for consolidation in the market as we expect some competitors to exit the market,' it added.

At 10:07am: [LON:LDSG] Leeds Group PLC share price was -2.5p at 15.5p

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