22 May 2009

Briscoe Group looks to buy in tough times

12:10 pm on 22 May 2009

Briscoe Group is on the acquisition trail with money in the bank and no debt.

The listed retailer told shareholders at its annual meeting in Auckland on Friday that while tough times are ahead, there will be opportunities to take advantage of.

Briscoe has maintained its forecast that profit in the first half of this year is likely to top what it made in the same period last year.

Chief executive Rod Duke says the company is well-positioned to chase acquisitions as suitable opportunities arise.

Mr Duke did not give any details as to whether Briscoe Group is currently considering any potential acquisitions.

The group has been struggling with subdued consumer spending, but says it has reduced its stock levels and is better positioned for the challenging months ahead.