Abbeycrest recovers its sparkle

ABBEYCREST, the international jewellery designer and manufacturer, said today that despite the adverse impact of foreign exchange movements and the rising price of gold its trading performance has remained solid.

The Leeds-based firm said key performance measures including underlying profitiability, working capital and net debt continue to improve year-on-year.

The remaining balance of £1m outstanding on the loan from the group’s junior lender is due to be repaid in February and the group is progressing a number of options in relation to final settlement.

Abbeycrest said its performance further validated its decision in the last financial year to withdraw from the most price sensitive areas of the marekt and follow its ‘Leading Edge’ strategy of focussing on a reduced customers base with fewer products and a greater branding.

It added in a statement: “Given the ongoing improvements in the group’s performance the directors remain confident and determined that despite the specific challenges faced in our markets the group has the strategy, skills and management to continue the transformation of Abbeycrest.”