25th Apr 2013 07:00
25 April 2013
POWERFLUTE OYJ
AGM STATEMENT
Powerflute Oyj ("Powerflute" or the "Group"), the packaging and paper group, released the following statement on current trading ahead of today's Annual General Meeting of shareholders to be held in Kuopio, Finland. Powerflute is quoted on the AIM market of the London Stock Exchange (Ticker: POWR).
Market conditions have continued to be favourable with strong demand and attractive pricing levels. We are pursuing further price recovery and expect this to have a positive effect on the results for the remainder of the year. Production volume for the quarter of 67,000 tonnes was more than 10% above the prior year level, providing further evidence that the operational problems experienced at the end of last year are largely resolved and that we are beginning to realise benefits from the recent capital investment programme. Reduced availability and increasing demand for birch in Finland have created some wood supply challenges and resulted in a degree of cost inflation. However, actions are being taken to address this and to protect margins.
The Group has made a strong start to the year with trading for the first quarter well ahead of the same period of the prior year. Market conditions are expected to remain favourable throughout the second quarter and we look to the future with confidence.
- Ends -
For further information, please contact:
PowerfluteOyj Dermot Smurfit (Chairman) Marco Casiraghi (Chief Executive Officer) David Walton (Chief Financial Officer)
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c/o Oliver Winters, FTI Consulting +44 20 7269 7157 |
Canaccord Genuity Limited Piers Coombs
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+44 20 7523 8350 |
FTI Consulting Oliver Winters Georgina Goodhew
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+44 20 7831 3113 |
FTI Consulting (Ireland) Mark Kenny Jonathan Neilan
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+353 1 663 3686 |
About Powerflute
Powerflute Oyj ("the Company" or "Powerflute") is a paper and packaging group quoted on the AIM market of the London Stock Exchange (Ticker: POWR). Through its subsidiary Savon Sellu Oy, the Group operates a paper mill in Kuopio, Finland which produces a specialised form of semi-chemical fluting made from locally sourced birch. Corrugated boxes manufactured using Nordic semi-chemical fluting demonstrate strength and moisture resistance and are used for transportation of fruit and vegetables, high-value industrial goods such as electrical appliances and automotive components. The Kuopio mill is one of only three suppliers of Nordic semi-chemical fluting in Europe.
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