Date: Monday 28 Jun 2010
Upmarket jeweller Theo Fennell cut losses sharply last year as second half revenues rebounded, with sales also up strongly this year so far.Like for like sales increased 6% to £12.6m with losses cut to £350,000 from £3.3m. Like for like sales increased by 23% in second half of the year and are up by a similar amount in the ten weeks this year so far.
“Your board is very pleased by the progress the company has made since Theo's return and we are confident that the first steps have been taken to return the company to profitability,” it said.
Turbotec’s legal spat with its majority shareholder halved full-year profits, but the US-based maker of heat exchanger tubing and components has won its case and is “cautiously optimistic” longer term.
Thermodynetics Inc started action against Turbotec two years ago in a row about dividends which cost the AIM-listed group $780,000 in the year to 31 March. That dragged pre-tax profit down to $1.21m from $2.38m in 2009, while sales tumbled 26.5% to $19.82m, hurt by weaker demand and a drop in raw material costs, mainly copper, which reduced selling prices. 
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