Jessops’ losses soar and it warns on debt

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The group unveiled pre-tax losses of £19.1 million in the year up to 30 September, compared with £9.3 million the previous year.

The outlook was little better in the period up to Christmas.

Although like-for-like sales were up 3.8%, the rise was only achieved through profit-damaging drastic price cuts.

Jessops warned it would breach its covenants under its existing banking facilities.

Breaching the covenant would allow Jessops' lender, HSBC, to demand that the retailer's entire debt be repaid.

In September, the bank extended Jessops' banking facilities to 2011.

However, the retailer warned that its long-term debt, which stood at 57.4 million at the end of September, might have to be reclassified as more expensive short-term debt during this year.