16th May 2006 10:30
Sherwood Group PLC16 May 2006 Sherwood Group plc AGM Statement Sherwood Group plc ("Sherwood" or "the Group") is a designer and supplier ofladies' intimate apparel, with a portfolio of brands comprising Lepel, MissLepel, Ted Baker Intimates, Discover Mademoiselle, Urban Nights and CharnosLingerie At today's Annual General Meeting, Michael Hobbs, Chairman, said: "Today is an important day in the Group's history. Not only is it my firstopportunity to address shareholders as Chairman, but it also marks our adoptionof a new corporate name and identity as Intimas Group plc, reflecting a newstrategic direction for our company. This new identity will become effective on1 July 2006. "As you will have seen in the Annual Report, our focus now is firmly ondeveloping a portfolio of strong and complementary brands. My vision for theGroup is to build on this portfolio, seeking further opportunities, such as ourrecent Charnos acquisition, and to grow the turnover of our businesssignificantly over the next five years. "To achieve this level of growth will require us to focus management attentionin three broad areas of our business. Firstly, we must improve our operatingperformance through better sourcing and better management of stocks. Secondly,we must exploit new distribution channels, including clearance outlets, atransactional web-site and international brand distribution. Thirdly, we mustcontinue to acquire brands and businesses that complement our existing portfolioand are capable of further development. "I am pleased to be able to report that sales and operating profits during thefirst quarter of the current year were in line with expectations. The Autumn/Winter order book is still taking shape, but at this stage the year isprogressing satisfactorily. "Two ongoing matters highlighted in the Annual Report were pension schemefunding and the sale of the Borrowash property. Firstly, in respect of thepension scheme, the Board will make available additional funds to enable thosemembers of the pension scheme who wish to transfer benefits out of the scheme todo so on suitable terms. "The Company will be writing to these members with a proposal in the comingmonth and, once this process has been finalised, we will be better placed toprogress our discussions with the Pension Scheme Trustees regarding the longterm funding requirements required by the new Scheme Specific Funding regime.Secondly, the sale of the Borrowash property is still on track for completionaround the half year end. "Having come from a background in retail, my initial impression of the UKintimate apparel industry is that there is a tremendous opportunity forconsolidation and growth in the market for an ambitious group like ours. We havea strong and dynamic management team, led by Carol Duncumb, our Chief Executive,which has the talent and determination to become a major creative and commercialforce in this exciting sector of the womenswear market. I look forward toupdating you on our progress." 16 May 2006 ENQUIRIES: Sherwood Group plc Tel: 0115 946 1070Michael Hobbs, ChairmanCarol Duncumb, Chief ExecutiveLaurence Ford, Finance Director College Hill Tel: 020 7457 2020Gareth David This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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