Shoprite yesterday revealed a return to the black as the Isleof Man-based retail and property company drew the benefits of itsshare restructuring.
The company has received acceptances for the buy-back of 99.7% of the 15m preference shares of SR Finance. This deal raised£15m leaving the group with gearing of 48.4% on net debt of£5.46m.
Shoprite’s pre-tax profits in the 28 weeks to 13 July were£958,000, against a loss of £395,000 in the comparable26 weeks. Sales advanced from £13.9m to £19.2m.
- Financial Times 05/11/96 page 25
