23rd Oct 2009 08:30
23 October 2009
MOLINS PLC
Interim Management Statement
This statement is issued in accordance with the requirements of the Disclosure and Transparency Rules and relates to the period from 1 July 2009.
Overall the Group continues to trade in line with the board's expectations at the beginning of the year. As commented on 28 August 2009, the date the Group announced its results for the six months ended 30 June 2009, performance in both the Tobacco Machinery and Scientific Services divisions was ahead of the board's expectations, and trading since then has continued to progress satisfactorily. Trading conditions in the Packaging Machinery division remain challenging, with order intake not showing any immediate signs of improvement.
The financial position of the Group is broadly comparable with that at 30 June 2009. The balance sheet includes the valuation of the UK defined benefit pension scheme which by its nature is prone to potentially significant changes driven by factors outside the control of the Company. A formal actuarial valuation of the scheme as at 30 June 2009 is being carried out. This valuation, which will take a number of months to complete, will provide the framework for determining the level of funding that the Company will be committed to paying to the scheme to recover any deficit that may exist.
Enquiries: Molins PLC
Tel: 01908 246870 Dick Hunter, Chief Executive David Cowen, Group Finance Director Issued by: Citigate Dewe Rogerson Tel: 020 7638 9571 Angharad Couch
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