DIY retailer Focus Wickes recorded a pre-tax loss of £300,000 in the six months to April 28, despite increasing operating profits and sales.
Operating profits rose from £36.4m to £47.2m compared with the same period last year and like-for-like sales increased by 11.2%. But interest charges of £23m dampened the results.
Turnover for the Focus stores was up 22% to £428m while Wickes recorded a 17% increase to £336m.
The company intends to move forward with its flotation plans within a month to raise new funds to reduce its £324m debt and refurbish some of its 427 stores. It hopes to raise £190m of new money in the flotation, with an expected enterprise value of £1.2-1.4bn.
Goldman Sachs and ING Barings are joint co-ordinators of the float.
