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30 May 2017 (AFR) – Godfreys reveals profit downgrade and refinance by 98-year-old

(30 May 2017, AFR, p18, by Simon Evans)

‘Vacuum cleaner retailer Godfreys has downgraded its profit outlook after tough trading conditions and its 98-year-old major shareholder has provided a new $30 million loan at better terms than one which had been in place from the Commonwealth Bank of Australia. The company’s shares are now trading at less than one quarter of the $2.75 issue price of its ASX float in late 2014. Large retailers such as JB Hi-Fi and Harvey Norman have grabbed market share in the vacuum cleaner sector through selling big brands like Dyson, putting pressure on Godfreys.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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