13th Sep 2006 07:01
Blueheath Holdings PLC13 September 2006 For Immediate Release 13 September 2006 BLUEHEATH HOLDINGS PLC ("Blueheath" or the "Company") AGM and Trading Update Blueheath will today hold its AGM at 10 am at 132 Upper Street, London N1 1QP,when Richard Rose will give the following update on current trading: "As announced in the trading statement of 30 May 2006, while the Company hadbeen growing sales it remained loss making and the Board has thereforeundertaken a restructuring process. The logistics restructuring referred to in the statement of 30 July 2006commenced with the recent closure of the Tamworth operation and the transfer ofbusiness to Blueheath's own warehouses in the North West and South East. Thismove is now largely complete; however customer service and fulfilment levelsfrom our Thurrock site were adversely affected during the move leading to anegative short term impact on current sales. The Company expects to return tohistoric levels of fulfilment and delivery time shortly. The costs of thetransfer and the restructuring to date are expected to be realised in the firsthalf of the current financial year. In relation to personnel, the Company announced on 1 September 2006 certainchanges to the board. The new management is currently carrying out a fullstrategic review of the business. It is expected that further cost cutting willbe necessary in order to achieve an operating profit at current levels ofbusiness and plans are being implemented to achieve this in as short a timeframeas possible. It's pleasing to report that our CTM subsidiary continues to produce a goodprofit and is operating well in all respects. The recent fundraising has provided the cash to meet the Company's workingcapital requirements. The board will update shareholders on the strategic review and restructuring atthe appropriate time and remains focussed on delivering shareholder value." Blueheath Holdings plc Tel: 020 7689 2455Mark Aylwin, Chief Executive Tel: 020 7689 2464Simon Mindham, Finance Director Buchanan Communications Tel: 020 7466 5000Mark Edwards / Nicola Cronk / James Strong This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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