Signet pre tax up 11.9% to111 mn

SPECIALTY retail jeweller Signet Group plc reported an 11.9 per cent increase in pre-tax profit to $111 mn (�58.3 mn) for the half year ended July 29. The company�s total sales grew by 12.1 per cent to $1.54 bn (�810.6 mn), while same-store sales � sales at stores open at least a year � increased by 5.2 per cent.

The US, which accounts for 73 per cent of group sales, witnessed a 7 per cent increase in same-store sales, while total sales rose by 15.8 per cent to $1.19 bn (�624.9 mn) during the first six months of the year, compared to $1.02 bn (�539.6 mn) in 2005.

Signet said that trading conditions in the UK remained challenging throughout the first half. UK like for like sales remained unchanged (H.Samuel -1.6 per cent and Ernest Jones +1.8 per cent). Total UK sales increased by 1.3 per cent to $354 mn (�185.7 mn), versus $350 mn (�183.3 mn) a year ago. �The trading environment on both sides of the Atlantic during the important Christmas period will, as usual, significantly influence the outcome for the full year,� declared Terry Burman, the group chief executive.