2nd Oct 2009 14:21
2 October 2009
MBL Group plc
("MBL" or "the Group")
AGM Statement
At the AGM of MBL Group, the UK distributor of home entertainment products, to be held at 14:00 today, Non Executive Chairman Peter Cowgill will deliver the following statement to shareholders:
"I am delighted to announce that Group sales for the 2009/10 financial year to date are significantly ahead of the same period last year. The Group has continued to grow its customer base and the Board is optimistic about the performance of the Group as it heads into its most significant trading period of the year.
"Whilst the changing composition of sales within the Distribution business continues to erode historical margin percentages the Board is satisfied with the financial results to date, also recognising the investment which has been made in strengthening the operational and management infrastructure.
"I am also delighted to announce that following a retention payment the Group has secured the services of Trevor Allan for a period of three years. In view of the fact that we are unable to incentivise Trevor with a share option scheme because his existing shareholding could mean that this would trigger a bid for the company, the Group has also entered into a challenging performance related three year bonus agreement with Trevor.
"The Board is further aware that the second half of the 2008/09 financial year was positively affected by exceptional demand in extraordinary circumstances. However, they anticipate that the Group will outperform market expectation.
"Following shareholder approval, the Group announces that it will make the payment of a dividend of 6.0 pence per share on 22 January 2010 to shareholders on the register at close of business of Friday 15 January 2010.
"The Group expects to announce its Interim results on 10 December 2009."
Enquiries:
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MBL GROUP PLC
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Tel: 0161 767 1620
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Peter Cowgill, Chairman
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BISHOPSGATE COMMUNICATIONS LIMITED
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Tel: 020 7562 3350
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Maxine Barnes/Will Tindall/Siobhra Murphy
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SEYMOUR PIERCE LIMITED
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Tel: 020 7107 8000
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Mark Percy/Tom Sheldon
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Related Shares:
MUBL.L