Jewellery group Abbeycrest lost some of its sparkle yesterday as full-year sales fell by 15 per cent to £82.4 million.
The group, which is running down its Birmingham operation with the loss of about 70 jobs as part of a switch of production to Thailand, said it was confident about its prospects for the current financial year.
However, orders during the first two months had been hit by the dip in retail activity and were lower than the same period last year, Leedsbased Abbeycrest said.
With its major restructuring of activities now "virtually complete", it will be able to benefit from volume manufacturing in Thailand.
Its gold jewellery manufacturing operations in Hockley will close in June and the group will begin to realise the cost savings from its Thailand operations.
Abbeycrest said the current year's results have been adversely hit by a legal dispute with a major Chinese supplier, leading to a loss of business.
Pretax profits for the year to 28 February fell marginally to £1.3 million after taking goodwill and exceptional items into account.
The company's directors are recommending a final dividend of 1p per share, taking the total for the year to an unchanged 2p.
Basic loss per share was at 2.4p compared with earnings of 3.9p last time.