The Bond Street firm were pleased to see turnover for the six months ending April 30, 2005 up to £4,765,000 from £3,402,000 for the comparable period in 2004. However, with no great underlying change in “the most difficult and unpredictable trading conditions,” the loss on ordinary activities grew from £378,000 in 2004 to £662,000.
Since February 2005 the company had been in a bid period and at the end of May issued a statement that, in connection with potential buyers, the board had considered the accounting value of the showroom stock.
It was decided that given market conditions and exchange rates a provision of £10.7m should be made. In the light of subsequent sales this one-off figure in the profit and loss account has been reduced to £10m.
Partridge devalue by £10m in bid period
A much-publicised decision to devalue their stock by £10m, is the headline figure of the six-monthly accounts published by Partridge Fine Arts.
