Fashion retailer Deacons which listed on the Nairobi Securities Exchange on 2nd August 2016 announced its half year results on Friday posting a loss before tax of Ksh 70.2 million.
However, its revenue grew by 8% year on year to Ksh 1.03 Billion attributed to Uganda operations and its two new stores which were opened in Kenya Q2 of 2016.
Finance costs increased by 79.5% to Ksh 46.8 Million compared to the Ksh 26 million posted in the same period in 2015, the company said this was due to high bank interest rates.
Future Outlook
The company expects a better second half revenue citing good stock levels and increased trading at the new stores. The company also noted that it has paid down a huge chunk of its debts after the sale of a 49% stake in Wool-worths Kenya.
The company said it will be opening new stores in Centum’s Two Rivers mall and Rwanda’s Kigali Heights mall before the end of the year.
Share Price
After listing 123,558,228 shares on the Nairobi Securities Exchange through introduction on 2nd August, the counter on Friday traded at Ksh 12.50 which is -17.3% from its listing price of Ksh 15 per share.
