Marchpole takes a hit

Marchpole has seen its first half earnings drop as a result of a tough trading environment. The British apparel company - which produces clothes for brands like Yves Saint Laurent and Emanuel Ungaro - reported a drop in operating profits to £1.2 million, compared with £2.7 million last year. Pre-tax profits for the period amounted to £1.0 million, down from £2.6 million last year, while turnover dropped to £14.9 million from £15.7 million last year.

"On the basis of our current order book and sales projections, we expect the existing business to achieve profits before tax for the full year in excess of last year," said Chairman Christopher Phillips. Chief executive Greg Tufnell said: "We continue to invest in our new brands. The forthcoming acquisition of Moda America is part of the development of the business to meet our objective of being a worldwide brand management company."

Marchpole will continue its expansion and raise its profile in the accessories market during the second half of the year.