Companies / United Kingdom
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Somerfield Stumbles But Is Confident Of Finding Its Feet
March 2007 | Company Finance AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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It has emerged that UK grocery retailer Somerfield posted a pre-tax loss of GBP617.8mn (US$1.21bn) in the financial-year ending April 2006. The loss, which followed profits of GBP60.9mn (US$119.55mn) in 2005, was attributed to the company's switch to private ownership in 2005 and its subsequent restructuring efforts. On release of the news, Somerfield confirmed that trading in the 2007 financial year to date suggested that full-year profits would be up. Although seemingly true, BMI does question whether Somerfield will ever be able to provide its new private-equity owners with the returns they