Having exceeded 40p in 2017, shares in Creightons (CRL) fell to below 20p early this year following a trading update including that “the group has outsourced supply of some branded products lines. This has impacted upon the profit margins of these lines. Therefore, the board has concluded that the full year profit before tax is likely to be marginally lower than last year”. However, that was because of “demand out-pacing capacities in our factories ahead of planned expansion in manufacturing capacities”. Despite late June-announced results having shown profit actually slightly ahead and including that investment in personnel and equipment “has been successful with all previously outsourced manufacturing brought back in house by the end of May”, the shares have only recovered to a current 28p offer price…
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