Alba hit by restructering costs

Electronics group Alba today posted a sharp fall in full-year revenues following an intensive shake-up of its business.

The company behind Goodmans stereos and Breville kitchen goods posted pre-tax losses of £44m (€65m) after revenues slid from £714.2m (€1.05bn) to £565.8m (€836m) in the year to March 31.

The Hertfordshire-based group was hit by restructuring costs of £25m (€36.5m) as it worked to transform the business, reducing the number of products offered and establishing exclusive relationships with selected retailers.

The move came after the firm saw pre-tax profits slump last year amid growth of lower margin products like LCD TVs combined with higher component costs.