30th Apr 2007 09:00
Filtrona plc30 April 2007 Filtrona plc AGM Trading Statement Filtrona plc ('Filtrona') is holding its Annual General Meeting at 12 noontoday:- At the meeting, Jeff Harris, Chairman, will make the following statement toshareholders: "In the first quarter of 2007, Filtrona has delivered an encouraging performancewith the underlying organic growth rate ahead of last year. However, asexpected, the adverse impact of currency translation, and particularly themovement of the US dollar, has reduced the Company's reported growth towardshistorical rates. Plastic Technologies has continued to perform well. Protection and FinishingProducts' momentum continues and Coated and Security Products has experiencedsome recovery in promotional tear tape volumes. The recovery at Globalpack hasbeen sustained whilst the US Profile and Sheet business has encountered morechallenging trading conditions. The Company was particularly pleased to announce earlier this month theacquisition for $61m, subject to regulatory approval, of the Duraco business inChicago which will be an important addition to the Protection and FinishingProducts business. Fibre Technologies' profit performance has been strong with good contributionsfrom both the Cigarette Filters and Bonded Fibre Components businesses despitethe weakness in cigarette filter volumes which has been as expected. The previously announced restructuring programme within the Cigarette Filtersbusiness is progressing to plan. The closure of the Filters facility inRichmond, Virginia was communicated to employees at the end of March andproduction has now ceased. Production volumes have been transferred to the otherNorth American facilities in Greensboro, North Carolina and Monterrey, Mexicowhere sustained operational improvement is driving performance. The BondedFibres business continues to benefit from both market share gains and newprojects. Filtrona is again delivering strong underlying organic performance and, with theDuraco acquisition expected to supplement that growth, the Board has confidencethat Filtrona's financial performance will continue to progress well and inaccordance with the Board's expectations." Editor's Note: Plastic Technologies produces, sources and distributes protection and finishingproducts, self-adhesive tear tape and certain security products as well asproprietary and customised plastic extrusions and packaging items for consumerproducts. Fibre Technologies focuses on the production and supply of special filters forcigarettes and bonded fibre products such as reservoirs and wicks for writinginstruments and printers, household products and medical diagnostic devices. Enquiries: Filtrona plc Tel: 01908 359100Mark Harper, Chief ExecutiveSteve Dryden, Finance Director Finsbury Tel: 020 7251 3801James LevitonGordon Simpson This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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