28th Jul 2009 09:23
28 July 2009
AGM Trading Statement
Quarter 1 sales were 15% down on prior year, a welcome improvement from the 20% fall in the second half of the prior year. Automotive recovered significantly from the 50% year-on-year fall in Quarter 4 of the last financial year to be down 28% in the first quarter of this financial year. Industrial Assembly, which represents over 40% of our business, also saw reduced falls in sales from a 19% reduction in Quarter 4 to 14% in Quarter 1. In line with recent trends, the Medical and Cable sectors held up well. From a geographical viewpoint, the sales reduction in the quarter compared to the previous year showed falls in North America and Europe of around 15% with Asian demand growing by 5%.
The trading result for the quarter, per the monthly management accounts was, as budgeted, a small loss.
In line with our major cost reduction programme, we have now completed the closure of our Bellegarde site in France, with the majority of production transferred to sister plants elsewhere in France and Italy. The full benefits of this closure will be experienced in September after the traditionally quiet European trading month of August. The cash costs of the closure have been fully funded from Group cash reserves.
For further information:
Calvin O'Connor Chief Executive Tel: 0161 301 7430
Brian Tenner Finance Director Tel: 0161 301 7430
Chris Hardie Arden Partners Tel: 0207 398 1639
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