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By
Reuters
Published
Dec 22, 2008
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UK jeweller Theo Fennell swings to H1 loss

By
Reuters
Published
Dec 22, 2008

* H1 loss 840,000 pounds vs profit of 434,000 pounds

* Turnover down 20 pct to 10.2 mln pounds

* Expansion plans under review

* Talks with third party investor continue

* Shares marked down 5 pct at 18.5 pence

(Adds detail)

LONDON, Dec 22 (Reuters) - Britain's Theo Fennell (TFL.L), jeweller to David Beckham and Elton John, posted a first-half loss after sales fell 20 percent, and said it was reviewing expansion plans as it prepared for a "difficult" 2009.


www.TheoFennell.com

"Sales have been significantly impacted by the current recession and trading has been difficult," chairman Richard Northcott said on Monday.

"This is immensely frustrating given the initiatives we had planned, but given the downturn in consumer spending further expansion plans are being reviewed." The retailer said talks with a third-party investor were continuing.

The company made a pretax loss of 840,000 pounds ($1.26 million) in the six months to Sept. 30, compared to a profit of 434,000 pounds a year ago. Turnover was 10.2 million pounds.

Theo Fennell said the loss reflected its investment programme and falling sales.

At 0900 GMT, shares in Theo Fennell were marked down 1 pence, or 5.1 percent, at 18.5 pence, valuing the business at 3.6 million pounds. (Reporting by James Davey)

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