Theo Fennell reduces its losses by half

Theo Fennell, purveyor of bling to celebs such as Elton John and Kate Beckinsale, has cut its interim losses by more than half.

The jeweller said it had benefited from a cost-cutting programme as it posted a £610,083 loss for the six months to 30 September, against £1.4m last time. However, sales slipped by 8 per cent to £4.9m as demand fell during the Olympics. The shares were flat at 11.75p. Its chairman, Rupert Hambro, said: "The major focus of the business is to increase sales, which will return the company to profit.."