Amateur Photographer Magazine

 Jessops chief resigns: full statement -

Thursday 27th September 2007

Chris Cheesman

Jessops chief executive Chris Langley has resigned, the company has confirmed this morning.





Picture: Langley in a publicity photo released by Jessops during his tenure as chief executive

The news came in a statement issued to the press at 7am today and follows the recent announcement that Jessops finance director Ian Harris will leave the firm at the end of the month.

Langley (pictured) has resigned 'to pursue other business interests', the firm said, adding: 'He will remain with the group until the end of November to assist the board with planning for the Christmas trading period and other handover projects. The process to recruit a successor will begin immediately.'

Jessops executive chairman David Adams thanked Langley for his 'significant contribution to the business'.

In a trading statement, also issued today, like-for-like sales at Jessops fell by 8.7% in the year to 23 September.

The company expects to report a yearly loss, before tax, of £7.5m for the year to 30 September 2007.

In June, Jessops secured £66.5m of funding from HSBC bank for the next 18 months.

The retailer is battling to return to profitability in 2008 and ensure its business is 'fit for purpose'.

Following its strategic review the firm stated that it plans to stock more digital SLRs and less compact cameras as part of a huge shake up of its business which will close a quarter of its stores.

Jessops' statement to the press today, in full, reads as follows:

PRE CLOSE STATEMENT AND BOARD CHANGES

Jessops plc will announce its preliminary results for the year ending 30 September 2007 at the beginning of December 2007. Prior to entering its closed period, the Group today issues a trading statement.

The Board reaffirms that the year to 30 September 2007 will be in line with the guidance of a loss (before tax and any costs relating to the strategic review and amortisation of re-financing fees) of £7.5 million given on 21 June 2007.

Total sales for the 51 weeks to 23 September 2007 were down (7.5%) and like for like sales were down (8.7%) in the same period. While sales performance since the last announcement has been severely impacted by the restructuring activity, this has been mitigated by an improvement in gross margin delivered through an improved availability of new products and promotional activity over the summer. In addition, we have driven more savings from the cost reduction programme than originally anticipated, and this puts the Group in a stronger position going into the next financial year.

Got an opinion on this story? Why not post a comment on our news message boards

Back to index