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ArgentVive dismisses losses

12.11.07 Philip Jones

ArgentVive, the company formerly known as Samedaybooks, increased its losses five-fold in the half-year to 30th September, on sales that slipped to £2.7m. However, chairman David Mahony stressed that the "radical changes the group is making will not be completed until the end of the current financial year".

The group also announced that it would close its Gosport store by the end of the current financial year--reducing the number of shops run by the retailer to two, having earlier announced the sale of its Petworth and Cobham stores to their management.

During the first six months revenues from continuing operations fell from £2.7m to £2.3m. This was due to lower levels of trading across the stores. Losses from continuing operations in the period were £246,000 (2006: loss £23,000), which included exceptional costs of £76,000 for costs incurred relating to the bid and pre-opening costs for the Chertsey store.

Mahony added: "Progress to date has been in line with our expectations and we believe that the combination of the changes made to the management team, coupled with the acquisition strategy we are pursuing, will leave the group well placed to achieve strong balanced growth in the years to come."

Investor Charles Denton bought 59% of share capital in July 2007, with the intention of building an e-commerce group.

Philip Jones Samedaybooks Charles Denton ArgentVive

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