Feeds

Current Comet owner hit with half year loss

Kesa looks forward to offloading ailing retailer

Internet Security Threat Report 2014

Kesa Electricals, the for-the-moment owner of UK retailer Comet, has announced a loss for the first six months of the fiscal year, as consumer appetite for big electronics flags.

The group made a loss before tax of €147.7m in the six months to the end of October this year, compared to a profit of €27.2m in the same period of 2010.

At the end of last month, Kesa said it was planning to sell off Comet for just £2 to a private equity group. The sale is expected to be completed by the start of February next year.

The company had exceptional charges in the period of €133.6m, €109.9m of which was attributed to impairment of assets at Comet.

Comet also made an operating loss for the company in the six months to October of €6.4m.

“Market conditions are becoming more challenging across all our markets,” said David Newlands, chairman of Kesa, in the statement announcing the results.

“I am pleased therefore that we have reached agreement for the disposal of Comet, subject to shareholder approval. The disposal is expected to improve significantly the Group's financial strength and enables us to maintain an interim dividend of 2.25 cents per share.”

Despite the poor results, the group said it was “well prepared for the peak season”, although it added that it was adjusting its costs “in the face of the ongoing tough market conditions”.

Kesa is offloading Comet to private equity firms Hailey Holdings and Hailey Acquistions. ®

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
4chan outraged by Emma Watson nudie photo leak SCAM
In the immortal words of Shaggy, it wasn't me us ... amirite?
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.