24th Apr 2008 07:00
Filtrona plc24 April 2008 Filtrona plc Interim Management Statement Filtrona plc ('Filtrona'), the international market leading speciality plasticand fibre products supplier, is holding its Annual General Meeting at 12 noontoday. At the meeting, Jeff Harris, Chairman, will make the following statement: "Filtrona today issues its interim management statement for the period from 1January 2008. Financial Performance During the period, Filtrona has delivered results in line with the comparableperiod for the prior year. Plastic Technologies has traded ahead of the prior year despite the impact ofreduced volumes within the US operations of the Plastic Profile and Sheetdivision. Fibre Technologies' performance is behind prior year following theanticipated reduction in volumes in the Cigarette Filters division due to thepreviously announced customer insourcing decisions. Plastic Technologies The Protection and Finishing Products division has continued to progress whilstabsorbing the costs of new investment in Chinese and Eastern Europeandistribution operations. The Coated and Security Products division has performed well and will benefit inthe second half of the year from a new supply agreement signed with an importantcustomer for the Payne Security authentication system. The Plastic Profile and Sheet division has suffered from weak US demand andrising raw material prices, resulting in lower profitability than last year. Fibre Technologies As forecast, sales in the Cigarette Filters division are down due to previouslyannounced customer insourcing decisions. As part of the previously advisedrestructuring of the division, further cost saving measures are beingimplemented, including a headcount reduction at the UK facility on Tyneside. Thedivision has secured new business from a multinational customer which willmitigate a future loss of conventional dual filter volume, previouslyhighlighted as being at risk, with that same customer. The division has seenfurther good growth in Asia. Revenue within the Bonded Fibre Components division is in line with last yearresulting from temporary destocking programmes by a small number of UScustomers. The balance of the year is expected to benefit from new productlaunches in the inkjet printer and medical product markets, together withcontinued progress in Asia. Financial Position The balance sheet remains strong and there have been no significant changes inthe financial position of the Company. Board Change As announced on 10 March 2008, Steve Crummett was appointed Group FinanceDirector on 19 March 2008. Outlook Whilst market conditions in the US have become more challenging, the Boardbelieves that the Filtrona Group will continue to develop satisfactorily and,overall, the Company's expectations for the full year remain unchanged. Enquiries: Filtrona plc FinsburyMark Harper, Chief Executive James LevitonSteve Crummett, Group Finance Director Gordon SimpsonTel: 01908 359 100 Tel: 020 7251 3801 Note to Editors: Filtrona plc is an international, market leading, speciality plastic and fibreproducts supplier with activities segmented into Plastic Technologies and FibreTechnologies. Further information can be found on the website www.filtrona.com Plastic Technologies Protection and Finishing ProductsA global market leading provider of product protection and finishing solutions,manufacturing and supplying plastic injection moulded, dip moulded vinyl andadhesive-coated foam products. 41 operating units in 14 countries serve a broadindustrial base of 81,000 customers with a rapid supply of primarily plasticproducts for protection, and finishing applications in industries such ashydraulics and pneumatics, oil and gas, electrical controls and tubular metalproducts. Coated and Security ProductsThe global market leading producer of high quality self-adhesive tear tape andan emerging supplier of products and technologies for brand protection, documentauthentication, personal identification and track and trace. Customers in over100 countries are served from facilities operating in six countries. Plastic Profile and SheetA leading manufacturer of proprietary and customised thermoplastic profiles,sheet and speciality tubes with multiple locations in the US, Mexico and TheNetherlands. The business serves 3,200 customers in 40 countries spread acrosssix principal markets - aerospace, point of purchase signs and displays,medical, traffic control, lighting and fence Fibre Technologies Cigarette FiltersThe only global independent cigarette filter supplier. The 12 worldwidelocations, including a UK based research facility provide a flexibleinfrastructure strategically positioned to serve the cigarette industry. Thedivision supplies a wide range of value adding high quality innovative filtersfrom monoacetate to multi-segment speciality filters with sophisticatedadsorbent materials. Bonded Fibre ComponentsWith locations in the US, Germany and China, the leading manufacturer of customfluid and vapour handling components delivering high value and precisionperformance to many of the most well-known consumer, industrial and medicalbrand owners in the world. The components are used in a wide range of productapplications including writing instruments, inkjet printer cartridges, medicaldiagnostic devices and air fresheners. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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