old

Willis & Gambier owner Samson Holding has warned it will post lower profits for 2015 as a result of volatility in currency markets, despite underlying earnings being near flat.


The Hong Kong listed wholesale and manufacturing group said it expected to post full year profits down 80 per cent on the $17.5m achieved in 2014.


Samson — which owns Peterborough case goods distributor Willis & Gambier as well as factories in the Far East and big-brand US furniture distribution companies — blamed the expected fall on the recent exchange rate volatility of China’s Renminbi against the US Dollar.


It said its Chinese denominated financial assets — including cash, bank deposits, bonds, and forward currency contracts — had generated 2015 exchange losses, having made gains in 2014. Its accounts are reported in US Dollars.


Samson said core business operating profit excluding other gains or losses is expected to decrease by only about 5.0 per cent compared with the previous year’s figure of $15.3m.


The company will release its 2015 accounts next month.