Zapf on the up

Losses at Zapf Creation improved by ?15m in its latest results.
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The firm said its net loss for 2006 narrowed less than it stated in preliminary results in March because of expenses arising from a tax audit from 1999 through 2002 and allowances for receivables relating to the company's US activities.

Losses narrowed to ?12.7m ($18.1m) from ?27.7m in 2005. Zapf said on March 8th that its loss had shrunk to ?11.3m.

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