28th Mar 2008 12:19
Smallbone PLC28 March 2008 SMALLBONE plc("Smallbone or "the Group") AGM Statement At Smallbone plc's AGM held today, Charles Smallbone, Chairman and ChiefExecutive, made the following comments: "2007 was a very significant year for Smallbone as we delivered our strongestever financial results and clearly demonstrated that we have built a solidplatform for further growth. We are also pleased to announce, following today's AGM, shareholders' approvalto pay our final dividend of 1.2 pence per share, which brings our full yeardividend payment to 1.8 pence per share, an improvement of 80% over the previousyear. Progress was achieved in all areas of the Group with record performances fromall our brands and substantial market share gained. The investment in ourincreasing showroom network remains a key driver to delivering results. Withpre-tax profits up an impressive 245% and an operating margin improvement up 78%in the last year we have clearly shown that this investment is now producingsignificant returns. We are very pleased with the development of our international business,particularly in the US and see this as a considerable growth opportunity for theGroup. We believe that the US business, which currently represents only 6% oftotal Smallbone sales, has enormous potential as the size of the US market isestimated at some 12 times that of the UK. We are seeking further sites forexpansion in the US and Chicago will be opening in the second half of this year. Since our results we have announced a further contract win in the US residentialdevelopment arena. This exclusive contract with Mann Realty Associates showsthat the Smallbone brand in the US is going from strength to strength as itsreputation for excellence becomes more widely recognised. The contract willgenerate revenues of approximately $2 million for 2009/10. 2008 will see us building on our strong luxury positioning. Our brands providepure luxury into the home and have strong international consumer presence. Weare determined to build on this visibility and brand awareness as we grow ourdistribution network. We have entered the year with a record order book, up 14% on the previous yearto £32 million. Strong order intake in January and February indicates that, todate, demand shows no sign of slowing and, as we expand our showroom network, webelieve we can build further growth by continuing to capture market share." The Company is also pleased to announce that all resolutions proposed toshareholders at the Annual General Meeting were passed. 28 March 2008Enquiries: SMALLBONE plc Tel: +44 (0)1380 729090Charles Smallbone, Chairman & Chief ExecutiveGordon Montgomery, Finance Director COLLEGE HILL Tel: +44 (0)7798 843276Kate Rock This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Strategic Minerals