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Footwear firm cuts jobs but profits rise
From the Lancashire Evening Telegraph, first published Thursday 27th Aug 1998.
AN East Lancashire footwear company has announced increased profits a week after cutting 24 jobs.
Lambert Howarth Group's results for the first half of the year show turnover up three per cent to £47.4 million and operating profit up 12 per cent to £3.5 million.
Profit before tax was up 56 per cent to £2.7 million and earnings per share up 67 per cent to 12.7p. The interim dividend was up 12 per cent to 3.25p.
The firm, a leading supplier of footwear and homeware to Marks and Spencer, axed 24 jobs earlier this month after deciding to reduce capacity in the cement lasting division of its Greenbridge Works in Rawtenstall.
Managing director Robert Garfit said: "These are excellent results which have been achieved despite difficult adverse trading conditions in the high street.
"They bear testament to our strategy of reducing the group's exposure to UK manufacturing and our focus on overseas resourcing of products."
Chairman Robin Walker said: "I believe we have the opportunity to build on our half-year performance and the board is confident of achieving further progress for the group during the remainder of 1998."
Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.
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