Shareholders pummelled as director profit

Article Abstract:

Crown Products is a giftware company that has seen a drop in its stock price after 11 acquisitions. The company reported a profit of 200,000 pounds sterling for the year and a half to Dec 1996 against a profit forecast of some 900,000 pounds sterling from Grieg Middleton. A stake in Skansen was sold by Crown in a rapid deal at an undervalued price, and the chairman of Crown, Michael Hughes, was part of the consortium acquiring this stake. Meanwhile a Crown director has charged Crown for advisory work and the 325,000 pounds sterling fee accounts for most of the fee income of that director's company.

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Crown has high hopes for Winnie and friends

Article Abstract:

Crown Products makes toys, gift ware and other goods and uses licensed characters to sell its products. The company's shares have underperformed but Crown is seeking to develop critical mass in markets that are atomized. Acquisitions in the company's consumer business will dilute overheads. Consumer sales are highest at Christmas. The company is also involved in producing playground equipment and providing services for play areas, activities that are concentrated in the summer.

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Big losses forecast at troubled giftware group

Article Abstract:

Crown Products has issued a profit warning following the sale of a stake in Skansen to pay off debts. The stake was sold for under its market value. Hunkydory, the United Kingdom gifts division of Crown Products, is a key source of problems, with disappointing sales despite heavy investment. Chairman of Crown Products, Michael Hughes, has announced a larger than forecast loss for 1st half 1997. He denies having benefited from selling stocks in Crown Products.

Finance

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