28th Apr 2008 07:00
Stanelco PLC28 April 2008 28th April 2008 Stanelco plc ('Stanelco' or the 'Company') AGM Statement and Interim Management Statement The Company's Annual General Meeting will take place at 10am today at theoffices of Financial Dynamics, Holborn Gate, 26 Southampton Buildings, LondonWC2A 1PB. The following comments will be made regarding current trading, financialperformance and outlook for the financial year. This statement covers the period1 January 2008 to the date of this announcement and constitutes Stanelco's firstInterim Management Statement as required by the UK Listing Authority'sDisclosure and Transparency Rules. Current Trading The 2008 financial year has started well and in line with the expectationsindicated in the 2007 Annual Report. Current sales from Biotec are in line with Board expectations and the StanelcoBioplastics team have begun to achieve some encouraging sales traction in anumber of end-user areas. The market remains fast-moving, driven as it is by both changing legislative andconsumer requirements. We are concentrating on adapting and enhancing thefunctional and commercial attributes of bioplastic materials which will beessential to commercial success. Development trials at the bioplastic pilot unit, commissioned recently in theCompany's UK facility, have started and an expansive set of trials are underway.This unit is now being strengthened with the recruitment of further scientificstaff. Stanelco RF Applications is continuing to develop its product range and has astrong enquiries book. Sales are in line with Board expectations and last year. Financial Performance At 31st March we had cash of £7.5m and continue to consider sensible investmentopportunities for these funds. Outlook We expect continued good progress in the Company's main businesses. This givesthe Board confidence in the outlook for further commercialisation anddevelopment in 2008. For further information please contact: Financial Dynamics Jonathon Brill/Caroline Stewart Tel: +44 (0) 207 831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Biome Tech