Theo Fennell losses narrow in first half

Turnover grew on a like-for-like basis 12.5%, to £4.87m.

The retailer, which raised £1.5m in April, launched a new transactional website yesterday (Monday).

In October it launched its diffusion line of entry price point silver jewellery, Alias, which is available in Harrods as well as Theo Fennell stores and concessions. Theo Fennell chairman Rupert Hambro described the launch as “extremely well received” and said it would “significantly expand” its customer profile and provide product to support its wholesale and internet sales growth.

The retailer also refurbished its Fulham Road and City stores in the period.

Hambro said: “We have implemented some major developments to the business over the past six months. We are confident that these initiatives will have a positive impact on sales in the second half and that we are well positioned to return to profitability.”

Hambro said the retailer continues to have “positive discussions” with potential parties overseas, specifically in the Middle East and Far East, and hopes to announce further openings before the end of the financial year.

Hambro added: “Although we are encouraged by the continued growth in sales and the developments achieved by the Company we remain cautious given the ongoing challenging economic environment as we enter the key Christmas period. We continue to believe in the significant potential of the future growth of the sales and profitability of the Company.”