Published 30 August 2006
PRG Group Ltd, now almost 100% owned by Eric Watson’s Logan Corp Ltd, reported a $56.7 million loss for the March year, a 73% drop in after-tax earnings on a 37% drop in revenue to $630 million.
After tax & abnormals, the return was down 217% to $54.3 million. PRG won’t be paying a final dividend.
The company sold its finance group during the year (effective at the end of January) and its disastrous UK retail business, PRG PowerHouse Ltd, was placed in administration on 2 August.
2 August 2006: Watson to privatise PRG, puts PowerHouse into administration
1 February 2006: PRG completes sale of finance group to GE
26 November 2005: Pacific Retail only has an operating loss, no sale gains to report
Attribution: Company statement, story written by Bob Dey for this website.