Briscoe Group Increases its First-half Profit

Although Briscoe Group has faced tighter margins through the rest of this year, but in the first half of the year, it has courageously increased its first-half profit 1.8%.

In the six months completed August 1, the Company has experienced the net profit of $6.6 million, or 3.13 cents a share, which is more than $6.5 million profit, or 3.07 cents a share last year.

Sales of the Company have increased by 2.6% to $190.1 million, whereas the operating profit boosted 42% to $12.9 million.

"We have increased the aggression of our promotions which has predictably resulted in some margin erosion, but delivered a sales increase over last year”, said Managing Director, Rod Duke in his statement.

He added that they are hoping to have same results for the rest of the year and to achieve this they will require to carry on with the same level of aggression.

Duke is cautiously positive about the second half performance of the Company; however, it is too difficult to predict the most likely results because of uncertainty of the environment.

He said that it has been forecasted that they will see uncertainty in customer confidence, which could lead to conditions where trading for retailers will become difficult.