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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.