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[February 2002]
Royal Doulton Goes for Rights Issue
Royal Doulton has launched a rights issue and has announced that it will shed close to a further 1,000 jobs.The three-for-one rights issue was fully underwritten by Cazenove and will raise £18.9 million net of expenses. The proceeds will be used to reduce the net debt of the company, which was over £24 million at the end of 2001. It is reported that new debt facilities from the banks hinged on the success of the rights issue.
Royal Doulton will close its Baddeley Green factory and is moving production of the Royal Albert brand to its factory near Jakarta in Indonesia.
Royal Doulton has just announced a pre-tax loss of £21.2 million for 2001 on sales of £165.8 million. This compares with figures for 2000 of £9.5 million (loss) and £182.8 million respectively.
ENDS