9th Dec 2005 07:00
Armour Group PLC09 December 2005 ARMOUR GROUP PLC (THE "GROUP") Annual General Meeting Armour Group plc, the UK's leading consumer electronics group focused on thein-car communication and entertainment and home entertainment markets is holdingits Annual General Meeting at 12.00 today. Bob Morton, Chairman, will make thefollowing statement:- The Group is performing well and has made a satisfactory start to the newfinancial year. Across the Group there are new contracts, the prospect ofsignificant repeat business from key customers, a range of new products and anumber of opportunities under development that are expected to make a positiveimpact in the current financial year. Armour AutomotiveMarket conditions in the automotive sector are testing, but despite this, ArmourAutomotive has seen its retail business increase by 5% year on year over thefirst three months. However, in the non-retail sector, where the sales patternis typically lumpy, the order flow has been slower than expected, though theindications from our OEM customers for new business and orders are encouraging. Our range of in-car connectivity solutions designed for portable MP3 players,such as the iPod, which were launched in August 2005, have proved to be verysuccessful as have the new products under the Mutant brand. We are also buildingrelationships with the leading companies in the communications and satellitenavigation markets to develop innovative solutions that will broaden thefunctionality of their products in the in-car environment. Whilst thisdevelopment work is in its early stages, we expect to see a positive salesimpact from these new products in the current financial year. Armour Home ElectronicsArmour Home Electronics has made an excellent start to the new financial yearachieving year on year sales growth of 15% over the first three months of theyear with November sales setting a record for the Division. We are experiencing good demand across our whole range of product categories,particularly Systemline Modular, which achieved its own record sales in Novemberof £200,000. Systemline Modular sales have grown at an impressive rate over thepast twelve months and our expectation is that this will continue as newdevelopments come on stream and the focus of increasing the conversion ratesstarts to feed through to sales. There is an exciting schedule of new product launches across all our key brandsplanned for 2006. These new products are expected to further drive sales growthin the current financial year in both our domestic and export markets. The Board is confident of the prospects for the Group and its ongoing growthpotential. Further Details: George DexterArmour Group PLC Tel: 01892 502700 Trevor BassFleet Financial Tel: 020 70670743 9 December 2005 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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