SHARES in white goods and electronics retailer Clive Peeters jumped by more than eight per cent today, after the group flagged a better than expected first half result.
Clive Peeters, which last year was cheated by a staff member who stole $19.4 million, forecast a breakeven operating profit before tax and one-offs for the six months ended December 31.
It also expects earnings before interest, tax, depreciation and amortisation (EBITDA) and EBIT of about $1.9 million and $4.4 million, respectively.
At 10.49am AEDT, Clive Peeters shares were up 8.11 per cent or three cents to 40 cents.
Managing director Greg Smith said the first half result was encouraging given the impact of the theft on its accounts over the months of July to October 2009.
"The trading results over November and December 2009 were encouraging, because they were achieved despite a very challenging gross margin environment," he said in a statement today.
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But he warned that trading conditions at the beginning of the second half of 2009/10 for the big ticket discretionary retail sector remained challenging, due to the fading impact of federal government stimulus measures and recent interest rate increases which had begun to affect consumer spending.
For the 2008/09 year, Clive Peeters reported a net loss of $8.97 million after booking a theft related expense of $4.8 million and other costs.
Its annual EBITDA was a loss of $2.1 million while EBIT was a loss of $8.1 million.
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