London, England, January 17--Laminate Flooring Direct PLC said it expects to incur a loss for the year to August 31, 2004 after lower than expected margins and certain prior year costs and despite a 12 pct increase in like for like sales, according to Interactive Investor.
Since the year end and as a result of management action, margins have recovered although, in common with other retailers, the group said it experienced "disappointing" Christmas trading.
Laminate Flooring also announced today that it has raised 400,000 stg from institutional and other investors in a placing at 50 pence per share in order to provide working capital to finance the continued expansion of the group.
Each of Chris Miles, chief executive officer, and Roger Pedder has been granted 250,000 directors' warrants to subscribe for ordinary shares at a price of 50 pence, until Jan 10 2008. Miles has also subscribed for 40,000 ordinary shares in the placing, taking his aggregate holding to 1,231,700 ordinary shares, being 12.9 pct.
Barry Dunn, executive chairman, has subscribed for 60,000 ordinary shares in the placing, and, in addition, has agreed to convert a loan by him to LFD of 95,570 stg, at the placing price, into 191,140 new ordinary shares, taking his aggregate holding to 3,309,538 ordinary shares, being 34.6 pct.
The board expects to announce the group's results for the year ended Aug 31 2004 on Jan 31 2005.
