Leeds Group, a textile wholesaler based in the UK, is on the path to recovery after facing significant challenges in 2022. The company, which experienced the insolvency of its sister brand KMR, is now placing a renewed focus on its core German trading subsidiary, Hemmers. Leeds Group aims to bring Hemmers back to profitability and has shown progress in reducing its pre-tax loss.

According to unaudited interim results for the six months ended on November 30, 2022, Leeds Group has successfully halved its pre-tax loss from £487,000 to £224,000 compared to the previous year. Although Group turnover remained stable at £15.57 million, Hemmers’ turnover slightly increased from £12.66 million to £12.68 million during the same period. Furthermore, the company managed to decrease Hemmers’ loss from £192,000 to £164,000. These positive results have been attributed to the cost-cutting measures implemented in the previous year, which have laid the groundwork for rebuilding a profitable business.

Leeds Group’s management is optimistic about the company’s performance, as they believe their trading is currently in line with forecasts. Despite facing obstacles such as the conflict in Ukraine, the lingering effects of the Covid-19 pandemic, and uncertainty in global markets, Leeds Group is determined to overcome these challenges. The German economy and consumer confidence have been particularly impacted by these factors.

By focusing on Hemmers and implementing measures to streamline operations and improve profitability, Leeds Group is committed to rebuilding its business and returning to a healthy financial state. The company’s dedication to its core subsidiary reflects its resilience and determination to overcome setbacks and sustain long-term success.

Useful links:
1. Leeds Group Official Website
2. Hemmers Official Website