AFP - The textile and sports equipment group Lafuma announced on Tuesday 21 April a slight increase in its turnover for the first half (to the end of March) of the 2008/2009 fiscal year, and its intention to increase its capital by around €10 million.

Lafuma Spring 2009

It was revealed in a press release that sales increased by 7.2% in the first half to €129.4 million.

An improvement was seen in the second quarter when compared to activity in the first, even though this period still saw lower results than a year previous; down 2.5% in the second quarter, an improvement on -5.5% in the first.

Lafuma has highlighted that it has re-organised and secured its finances with signed agreements with its banks.

The group “will from now on follow a policy of debt reduction”, particularly based on the ending of its involvement in “non-strategic” activities and the strengthening of its own funds.

A project to increase capital “to the sum of €10 million” should moreover “reinforce its balance sheet” and “accompany its development strategy”.

“The ‘Caisse des Dépôts’, through its subsidiary – ‘CDC Entreprise’ – intends to participate in this financial operation alongside principle shareholders of the group, and could also become an important shareholder of Lafuma”, the press release continued.

The group is now waiting for the approval of the Autorité des Marchés Financiers (Financial Markets Authority) to start the operation.