Amateur Photographer Magazine

Jessops business news latest

Wednesday 18th April 2007

Chris Cheesman

Jessops has told Amateur Photographer (AP) magazine that it is still 'months' away from completing the strategic review that came in the wake of its gloomy profits forecast issued last month.

A spokesman for Jessops said: 'It is still too early to talk… they are still in discussions with their bankers and – as you would expect – these discussions are ongoing.'

The spokesman confirmed that the bank in question is HSBC who, it is understood, is being 'supportive' toward the company.

When asked how much longer the 'strategic review' is expected to take the spokesman told us: 'I think it will be a matter of months rather than days or weeks.'

Jessops chief executive Chris Langley announced the review of the business on 28 March, saying that it would take into account 'changing market conditions'.

Shares in Jessops fell more than 70% after the high-street chain warned that it expects to report a half-year loss of £8.5m and not pay dividends to its shareholders for that period.

The dire news caused Jessops shares to fall to 12.5p per share.

At the time of writing (18 April) they were worth 18.5p each.

Picture credit: Damien Demolder

To read more of AP's articles on Jessops click here:

New Chairman

Jessops speaks out

Jessops tight-lipped

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