24th Jul 2008 07:00
For release at 7.00am, 24 July 2008
Interim Management Statement
Umeco plc, an international provider of advanced composite materials and supply chain services primarily to the aerospace, defence, automotive and wind energy industries, today publishes its Interim Management Statement relating to the period from 1 April 2008. The Company's Annual General Meeting takes place today at 1.00pm.
Current trading
Net debt at 30 June 2008 was £83.2 million compared to £57.6 million at 31 March 2008, the increase principally resulting from additional investment in working capital as activity levels rise.
Umeco Composites
Umeco Composites traded strongly in the quarter, reflecting the ongoing growth in the use of advanced composite materials in the business stream's core markets of aerospace, automotive and wind energy.
Structural materials
The Group's structural materials businesses performed successfully in the quarter, with Advanced Composites Group ('ACG') continuing to capitalise on its leading market position. The UK operation is performing extremely well and the US business continues on the improving trend seen in the second half of the prior financial year. ACG's status as a leading innovator in the advanced composites marketplace has been demonstrated by the recent announcements of its involvement in the £100 million Airbus-led Next Generation Composite Wing research programme and the qualification by Airbus for ACG's out-of-autoclave pre-preg material for use in structural applications. JD Lincoln continues to trade ahead of our expectations.
Process materials
Aerovac, Richmond and Med-Lab all had a strong first quarter, each trading ahead of expectations. The wind energy industry remains a significant source of growth.
Umeco Supply Chain
Umeco Supply Chain has a healthy pipeline of further significant potential contracts from both current and prospective customers.
Outlook
With their strong market positions and high levels of organic revenue growth, the Group's core businesses of Composites and Supply Chain offer many attractive opportunities.
Growth is expected not only from the aerospace market but also from the other markets we serve, including the fast expanding wind energy sector, as environmental pressures continue to enhance the attractiveness of advanced composite materials.
We continue to see positive indicators in the civil aerospace industry - the high number of aircraft orders announced at the Farnborough airshow provides further evidence that long term prospects for the aerospace market remain strong; the high level of economic growth in the Middle and Far East is expected to provide the aerospace market with resilience against current macro economic conditions; and the Airbus A380, A350 and Boeing 787 programmes offer the potential for significant growth in the coming years.
- Ends -
For further information, please contact:-
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Umeco plc |
Tel: +44 (0) 1926 331 800 |
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Clive Snowdon, Chief Executive Doug Robertson, Finance Director www.umeco.com |
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Hogarth Partnership |
Tel: +44 (0) 20 7357 9477 |
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John Olsen Barnaby Fry Vicky Watkins |
Notes
Umeco has a policy of not issuing pre-close or post-close trading statements. Accordingly, the next scheduled update on the Group's performance will be the announcement of results for the six months to 30 September 2008. This will be released on 4 November 2008.
The information in this announcement is based upon unaudited management accounts.
Certain statements made in this announcement are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future events or results referred to in these forward looking statements. Unless otherwise required by applicable law, regulation or accounting standard, we do not undertake any obligation to update or revise any forward looking statements, whether as a result of new information, future developments or otherwise.
Further Information on Umeco plc
Umeco is a leading innovator in distribution and supply chain management to the aerospace and defence industries, harnessing new methods for enhancing its customers' performance and profitability. Umeco also has significant manufacturing interests in advanced composite materials for a growing range of applications in its core aerospace and defence markets and in other high performance technology industries such as motor sport, automotive and wind energy.
Listed on the London Stock Exchange, Umeco had revenue from continuing operations of £335.2 million in the year to 31 March 2008.
Umeco is managed through two business streams:-
Umeco Composites - a provider of a complete range of advanced composite materials principally to the aerospace, motor sport, automotive and wind energy markets.
Customers include Boeing, Airbus, BAE Systems, manufacturers of wind turbines, a number of manufacturers of high performance super cars and Formula 1 teams including Team McLaren Mercedes.
Umeco Supply Chain - a leading international provider of value-added distribution and supply chain outsourcing services to customers in the aerospace & defence market. With its specialisation in the supply of small and medium value components and sophisticated IT systems, its growing global customer base can enjoy significant operational, cost and working capital benefits.
Customers include Rolls-Royce plc, BAE Systems, Safran Group, Parker Aerospace, Goodrich, Thales Aerospace, Turbomeca, Lockheed Martin and the US Department of Defense.
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