Summary
Home shopping company Kleeneze has admitted that the cost of launching a new television channel had contributed to a fall in annual profits.
The decline in profits before exceptional items - from pounds 8.2 million to pounds 7 million in 2004 - came as its joint venture television station eeZee booked losses of pounds 800,000 for Kleeneze during six months of trading. Kleeneze said the launch of eeZee on the Sky platform had provided an important entry into a fast-growing sector, while it was a positive way to develop new products across its network. The venture adds to the more traditional operations run by Kleeneze, such as the network of more than 13,000 self-employed distributors who deliver catalogues featuring everyday products for sale. The core division, called Kleeneze Europe, increased turnover by 7.6 per cent to pounds 88.9 million, while operating profits improved 12.1 per cent to pounds 7.4 million, following a drive to improve margins across the business.See the full content of this document
Extract
New Channel Sees Kleeneze Profits Fall
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