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Blacks Leisure group is putting on a brave face despite recording operating losses of £7.1m. Neil Gillis, chief executive, said the Northampton-based company was “pleased” with its results, despite a 22.6 per cent drop in sales for the first half of the year.

Blacks revealed the results for the first 26 weeks of 2010 through its interim statement on the London Stock Exchange this morning.

The company’s first half operating losses were reduced to £7.1m, down from £8.7m in the comparable 2009 period. Sales for the period were down to £90.6m from £116.9m.

However, Blacks’ online sales increased by 38 per cent in the first half and by 74 per cent in the second half to date.

David Bernstein, chairman, said: "The successful implementation of the CVAs in late 2009 enabled the group to rationalise its business and provided the platform for the final phase of the turnaround plan."

Neil Gillis said: "Whilst trading conditions have continued to be very challenging, we are pleased with the performance of our new stores, which are trading above our expectations, and with the progress made with our programme of initiatives to underpin and protect our position as the leading outdoor retailer in the UK."

"The board believes that the combination of these initiatives, together with the continued success of the new store rollout, should enable the business to achieve completion of the turnaround programme.”