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Leeds warns of 'substantial' loss as German Covid-19 lockdown bites

By BFN News | 02:33 PM | Tuesday 31 March, 2020


Textile processing company Leeds warned that it expected to report a 'substantial' annual loss after lockdown measures in Germany to combat Covid-19 disrupted its operations there. Leeds said its two businesses in Germany -- Hemmers/Itex Textil Import Export and Stoff-Ideen-KMR -- had been 'severely affected' by a country wide lockdown imposed by the German government. The wholesale business of Hemmers had been considerably restricted and all retail shops in KMR havd been closed until further notice. 'Whilst the directors are taking mitigating actions which includes support from government schemes, the benefit in the current financial year will be limited given the proximity to our May year end,' Leeds said. 'Therefore, in addition to the reduced trading announced in our interim statement issued on 3 February 2020, the board expects to report a substantial loss for the financial year to 31 May 2020.' At 2:33pm: (LON:LDSG) Leeds Group PLC share price was -1.5p at 9.5p Story provided by StockMarketWire.com

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