1st May 2008 07:01
Galiform PLC01 May 2008 Galiform Plc Interim Management Statement Galiform Plc, the owner of Howden Joinery, is today publishing its first InterimManagement Statement. In the first four periods of 2008, ending 19 April, Howden Joinery's sales wereup 11.0%, 5.9% on a same depot basis and the Group's financial performance wasin line with management's expectations. So far this year, eight Howden Joinery depots have been opened, bringing thetotal trading to 444 depots. We have introduced five new kitchen ranges, and anew catalogue and DVD, providing improved choice to end users via the smallbuilder. On 2 April 2008, a payment of £12m was made to MEP Group, this being the finalpayment due under the terms of Galiform's agreement with MEP Mayflower Limiteddated 22 September 2006 in relation to the disposal of the MFI retail business. As part of the restructuring of manufacturing and logistics operations announcedin June 2007, the planned rationalisation of operations in Northampton wascompleted by the end of March. The cash cost in relation to the restructuring sofar this year is approximately £3m. Matthew Ingle, Galiform's Chief Executive, said: "In a less certain economic environment, I am pleased to report that Howdens hascontinued to trade well. "The Group continues to focus on opportunities to grow sales through betterproducts and service and to improve profitability through greater efficienciesand cost savings. "Our competitive position is underpinned by our strong entrepreneurial culture,the inherent growth in our depot portfolio, close relationships with our buildercustomers, the breadth of the market they serve, our product range and theopportunity to streamline the business around supplying one customer, the smallbuilder through Howden Joinery." Half year report Galiform will release its 2008 Half Yearly Financial Report on 23 July 2008. Enquiries Investors/analysts:Gary RawlinsonHead of Investor Relations +44 (0)207 535 1127+44 (0)7989 397527 Media: Brunswick +44 (0)207 404 5959Susan GilchristAnna Jones This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Howden Joinery