Preliminary Results

9 June 2014

LATCHWAYS PLC

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2014

Latchways plc is the world leader in the design, manufacture and sale of engineered fall protection safety systems, which offer continuous protection to individuals at risk of a fall. Latchways' systems are sold globally, both directly and through a network of trained installers, to a legislation-driven marketplace. These systems are used to provide worker safety on a diverse range of applications including commercial rooftops, wind power turbines, electricity transmission towers, aircraft wings and industrial plants.

Financial Summary

· Full year Group revenues £38.5 million (2013: £42.4 million)

· Profit before tax £6.8 million (2013: £10.9 million)

· Basic earnings per share 50.68 pence (2013: 70.32 pence(adjusted to exclude exceptional credit))

· 10% increase in final dividend to 27.50 pence per share, total dividends of 39.60 pence per share for the year (2013: 36.00 pence per share)

· Net cash £10.3 million (2013: £10.5 million) despite over £3 million spent on new facility

Business Development Summary

· Challenging year for construction related revenues

· Vertical revenues affected by project delays

· Strong performance in North America - new sales and distribution facility created

· Self Retracting Lifeline and Personal Rescue Device revenues growing

· Further investment in sales and product development resources

· New 2,800 square metre production facility completed and operational

Commenting on the results, Paul Hearson, Chairman, said

"Despite the challenging conditions in our core markets that we talked of earlier in the year, we are encouraged by the current level of prospects across the business. Underlying order intake in the first two months of the year has been in line with the same period last year and we will make further progress as our new sales resources and North American operation start to contribute."

9 June 2014

LATCHWAYS PLC

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2014

Chairman's Statement

This has been a challenging year for Latchways. The underlying weakness in our traditional construction markets along with delays in large projects produced a weak second half to the year. We believe these setbacks to be temporary and we have continued to invest in the business. We have completed our new production facility in Devizes, and established a new US operation to support our customer base there. We have continued to invest in our technical and sales resources to prepare the foundations for the next stage of our business growth.

The improving state of the UK and some European economies provide us with confidence for the medium term recovery of the commercial construction market. Given the nature of our products it will take some time for any increase in construction to flow through into orders. We are however encouraged by the increase in requests for new specifications.

We are excited by the prospects for our new North American operation. Based in Houston Texas, the company is focused on developing new revenue streams as well as supporting the business of our existing customers. It will provide in-country inventory, technical, servicing and training support. This is a long term investment but we are already seeing interest from a number of potential new customers and markets.

Our new, 2,800 square metre production facility is now fully operational and has enabled us to bring all our local operations onto the same site. As a result we have made considerable improvements to our logistical efficiency, as well as providing scope for expansion for the foreseeable future.

Results

Group revenue for the year ended 31 March 2014 was £38.5 million (2013: £42.4 million), a 9% reduction on last year. Safety Products revenue was down 11%, whilst the Safety Services division saw revenues fall by 2%.

Group profit before taxation was £6.8 million, 33% less than last year's pre-exceptional figure (2013: £10.3 million).

Basic earnings per share reduced by 28% to 50.68 pence compared to last year's pre-exceptional figure (2013: 70.32 pence). Statutory basic earnings per share were 32% down to 50.68 pence (2013: 74.49 pence)

Net cash balances at year end were £10.3 million (2013: £10.5 million), just £0.2 million less than last year despite an increase of almost £3 million in capital expenditure, relating to the new facility.

Dividends

Although we recognise the current challenges facing our business, the underlying growth potential remains strong and we continue to take a long term view in our approach to dividends. Cash flow has been very strong during the year, and is expected to remain solid. As such, our commitment to maintaining a progressive dividend policy remains unaffected.

The board is recommending a 10% increase in the final dividend to 27.50 pence per share (2013: 25.00 pence). Together with the interim dividend of 12.10 pence, the total dividend for the year of 39.60 pence per share represents a 10% increase on last year. Whilst the dividend cover of 1.3 times earnings is below our long term trend, we expect this to resolve itself in the coming years as growth resumes.

Subject to approval at the Annual General Meeting, the final dividend will be paid on 12 September 2014 to shareholders on the register as at 15 August 2014.

Our trading environment

Trading conditions have been mixed this year. We have made considerable progress in North America and further afield, with our Self Retracting Lifeline (SRL) and Personal Rescue Device (PRD) ranges performing particularly well. However, these have not been sufficient to offset weakness in our traditional construction facing markets, as well as the absence of the previous year's substantial projects for the Vertical and Wingrip product lines.

We are seeing signs of increased early stage activity in the UK construction market. This will take time to feed through to improved business for Latchways as our products are normally required at the end of a new build or refurbishment project. This is nevertheless an encouraging development for the future. We have maintained our high standards of service throughout the downturn and believe we are well placed to benefit from the improving economic outlook. UK Wingrip business has been much reduced this year as the previous year included a large Airbus project. SRL business performed well in the first half with offshore wind energy sales, although this slowed later in the year as wind farm build projects were delayed.

Our European markets remain subdued, but we have been able to maintain Horizontal system revenues by focusing on partnerships with key customers to create specific opportunities. We intend to further exploit those partnerships both in Europe and worldwide. These positive effects were offset by delays to a number of key wind energy projects. We expect these projects to come through in the coming year.

North America produced strong growth in the year with improved revenues across all product lines. We have invested significantly in our new operation and we are actively seeking new business opportunities in what is the world's largest fall protection market. We expect to achieve growth across the business both in partnership with 3M and independently with a particular focus on the SRL and Wingrip product lines. We are continuing to invest accordingly. Whilst the effects of these investments will take time to flow through we are excited about the long term prospects for this market.

The Rest of the World made good progress on a number of fronts, with growth for all product lines and geographies except our Vertical business, where budget constraints among our larger customers resulted in a temporary suspension of the rollout of our systems. This particular issue demonstrated our over-reliance on a small number of large customers for our Vertical business, and we have restructured our Vertical sales team to address this.

New Product Development

We have further increased our new product development team during the course of the year, and this process is ongoing. A regular flow of new and innovative products is central to our position as the leading innovator in our industry and is key to our strategy. We have grown our business over the years through a regular flow of new products as well as maximizing the cross selling opportunities that these bring. This process will continue going forward.

During the past year we have seen the launch of a Retrieval SRL. This enables rescue from confined spaces and gives us initial access to this new and growing market. We have also developed a new, low profile cable system for specific customer applications, along with numerous improvements to existing product lines. We have introduced new Wingrip variants which have enabled us to solve customer specific issues and which have generated good revenues. Industry specific variants of our rescue device are also being released.

In the coming months we will be launching the first variants of a new range of SRLs. These new products will be significantly lighter and smaller than any other product on the market and are fully patent protected. We expect these products, the full range of which will be introduced over the coming 18 months, to have a significant effect on our SRL revenues.

Recent Projects

Latchways products continue to be selected for the most high profile and prestigious buildings and structures around the world.

Our Horizontal systems have been selected for projects as diverse as mining sites in Chile, a GM factory in Ecuador, the Hardanger Bridge in Norway and Zara clothing factories in Spain. We have also provided a bespoke system for maintaining the Seagen tidal turbine.

The All-in-One Wingrip product is now in use on the Virgin Galactic space project. We have also worked with the US Air Force to supply bespoke Wingrip systems for the C5 transport aircraft along with other unique applications.

We have seen increased acceptance of our SRL product line in the oil and gas sector with our products now specified for a number of new build drilling rigs. The wind energy sector continues to be a strong revenue stream for us, with a number of offshore farms supplied in the year and a number more in prospect for the coming 12 months.

Governance

There have been several changes to Latchways' board composition during the year. In December 2013, Per Troen stood down as Senior Independent Director and Chair of the remuneration committee and left the board, due to his move to Switzerland. As an interim measure, Brian Finlayson took over the remuneration committee role until a suitable replacement could be found.

In February 2014, Ian Pickering stood down as Chair of the audit committee and left the board due to an increase in his other business commitments. We were pleased to announce the appointment of Christopher Casey, formerly a partner with KPMG, onto the board and he was immediately appointed as Chair of the audit committee. He is also the Senior Independent Director.

In April 2014, Jamie Matheson joined the board and took up the role of Chair of the remuneration committee. Jamie brings with him a thorough knowledge of the City from his many years with Brewin Dolphin, latterly as Executive Chairman. Jamie will be conducting a review of our remuneration policy over the coming months.

I would like to thank Per and Ian for their support over the past few years, and to wish them both well for the future. I am delighted to welcome Chris and Jamie to the team. They both bring extensive knowledge to their roles and we are fortunate to have them on board.

Finally, I am sad to report that Brian Finlayson has announced his intention to step down from the board at this year's Annual General Meeting. Brian has been a stalwart of the board for 20 years and has provided outstanding service and guidance throughout that period. His contribution will be missed. On behalf of your board I would like to thank Brian for his support over the years. The nominations committee are seeking a further appointment and will announce a replacement for Brian in due course.

Whilst your board has undergone considerable changes in recent months, I believe that the introduction of talented and experienced new blood can only be positive for Latchways' future.

Our People

This has been a busy year for the Latchways team. We have welcomed our new US members, led by our general manager, David Lee, and they are now fully operational and seeking new customers and business across North America. We will be continuing to build that team over the coming year.

As mentioned earlier we have further strengthened our technical and new product development teams as well as our sales team. These roles are crucial to providing new opportunities for growth. Furthermore, we have taken on our first two apprentices this year, as part of a long term plan to provide a pool of new engineering talent. We expect to expand this programme going forward.

Latchways continues its commitment to the UK Living Wage, which we have been meeting or exceeding for all employees for some years. This, combined with improved staff facilities that have been incorporated into the new facility, reflects our commitment to providing our team with a positive working environment.

On behalf of the board I would like to thank everyone for their efforts over the past year.

Current Trading and Prospects

Despite the challenging conditions in our core markets that we talked of earlier in the year, we are encouraged by the current level of prospects across the business. Underlying order intake in the first two months of the year has been in line with the same period last year and we will make further progress as our new sales resources and North American operation start to contribute. I look forward to updating you in due course.

Paul Hearson

Chairman

OPERATING AND FINANCIAL REVIEW

The board of Latchways plc is pleased to report these consolidated results for the year ended 31 March 2014.

Financial Results

Group revenue for the year was £38.5 million, 9% lower than the 2013 figure of £42.4 million. This resulted in a statutory operating and pre-tax profit of £6.8 million, 38% less than the prior year (2013: £10.9 million).

Both gross and operating margins are among the group's key performance indicators.

The consolidated gross margin was 1.9% lower than last year at 51.1% (2013: 53.0%). This was mainly due to the relative success of the SRL and PRD product lines, which are sold through distributors and therefore generate a lower gross margin to Latchways than our traditional products.

Overheads were 5.3% higher than last year's pre-exceptional figure at £12.9 million (2013: £12.2 million). This was due to higher salary costs associated with sales and development, as well as foreign exchange losses resulting from the strength of Sterling.

The reduction in gross margins, combined with the increase in overheads, resulted in adjusted operating margins reducing by 6.5% to 17.7% (2013: 24.2%). This demonstrates the operational gearing of the company, and can be expected to substantially reverse as revenues recover.

The effective rate of taxation for the year was 16.7% (2013 adjusted: 23.5%). The reduced rate is partly due to the reduction in corporation tax rates from 24% to 23% for the year, but is mainly related to Research and Development and Patent Box tax credits recognised in the year. Approximately 40% of product revenues relate to products subject to a current UK or European patent, upon which a 10% reduced rate of corporation tax is being phased in. This year's impact was a saving of £150,000 in the year, representing an effective cut in the overall tax rate of 2.2%. R&D tax credits accounted for a further 1.3%, with a further 1.9% relating to prior year items. The reduction in the deferred tax rate and credits relating to gains on share option exercises accounted for the remainder of the reduction in the rate.

Basic earnings per share reduced by 28% to 50.68 pence compared with last year's pre-exceptional figure (2013: 70.32 pence), whilst diluted earnings per share also decreased by 28% to 50.63 pence (2013: 70.17 pence pre-exceptional items).

On the balance sheet, non-current assets increased by £3.1 million to £13.1 million (2013: £10.0 million). £3.0 million was spent on the new factory in the year. We expect capex levels to reduce to more normal levels over the coming year, with tooling for new product ranges being the largest expected capex spend for the coming year. Intangible assets increased slightly to £2.2 million (2013: £2.1 million). These comprise the intellectual property, brands, order books and customer relationships acquired since 2004, together with internally generated patents and trademarks, computer software and ongoing development costs that have been capitalised. The increase in the year reflects increased patent and development costs capitalised, relating to new product lines. Property, plant and equipment of £6.5 million (2013: £3.4 million) mainly represents premises, production plant and tooling. The premises now consist of the 2,000 square metre assembly unit, warehouse and head office at Devizes, together with the new, adjacent 2,800 square metre production facility.

Inventory of £5.2 million (2013: £5.3 million) was £0.1 million lower than last year. We expect inventory levels to increase slightly in the coming year as the US facility increases its requirements.

Trade and other receivables were £3.1 million lower than last year at £11.8 million (2013: £14.9 million). This reflects the particularly strong fourth quarter last year, which was not repeated this year.

Group creditor days were 43 days (2013: 42 days). Our long term policy of ensuring that suppliers are paid on time remains unchanged.

Cash generation is a key performance indicator for the group. Cash generated from operations as a proportion of adjusted operating profit was 149% (2013: 96%). This resulted from the collection of the large receivables balance at the last year end during the first quarter of this year, and hence should be viewed as unusually high. We expect average ongoing cash generation performance to be in the 90-100% of operating profit range, as it has been for a number of years, which demonstrates the strongly cash generative nature of the business over the long term. Tax payments in the year were £0.1 million lower than last year at £2.5 million (2013: £2.6 million). The quarterly payment profile of corporation tax payments resulted in much of the 2013/14 tax liability being paid prior to the second half business slowdown, which combined with the benefits of the Patent Box tax credit should result in a considerable reduction in tax payments in the current year. Capital expenditure increased by £2.9 million in the year, due to investment in the new facility.

Dividend payments increased by £0.4 million to £4.2 million (2013: £3.8 million). We expect to continue our progressive approach to dividends as profits resume growth going forward.

Cash and cash equivalents were £0.2 million less than last year at £10.3 million (2013: £10.5 million). The group has no borrowings.

Strategic Overview

Latchways is a world leader in the provision of high quality fall protection equipment and related services. Our aim is to maximise shareholder returns through providing the most innovative and functional equipment to a largely legislation-driven market, with a customer support network and after-sales service that is unrivalled in our industry. There has been no change to this overall strategy during the year.

The past year has seen the trend of increased globalisation of the fall protection industry continuing to gather pace, as markets such as Latin America expand faster than more established markets in the UK and Europe. Coupled with the ongoing impact of the commercial construction recession in our most established markets, it is increasingly important that we address these emerging markets. These require not just language skills, but also local representation and products specific to those markets. Our growth over the past decade has been based on diversifying our offering away from our traditional, cyclical construction facing markets and moving into new opportunities, and this approach continues. We expect these new markets to form an increasingly important part of our business in the future, and will be targeting our investments accordingly.

The continued development of innovative new products remains at the core of this strategy. The new product ranges being launched in the coming year will be important to our success in these newer markets.

Operating Review

The Latchways group has two business segments, each of which is managed independently with strategic input from the group board. The Safety Products division is the main Latchways product business, operating out of the group headquarters in Devizes, a newly formed sales and distribution centre in Houston, Texas, and a small production plant in Kozina, Slovenia. Safety Products generates over three quarters of group revenue, and produces 92% of group operating profits. 72% of Safety Products' revenue comes from exports, up from 65% last year. The Safety Services division allows us to offer turnkey solutions by installing and servicing safety products in the UK, and generates the remaining revenue and profit.

Safety Products

Latchways designs and manufactures fall protection equipment for people working at height. This equipment is sold worldwide, both directly to end users and also through a network of independent, trained installers. In addition, certain products such as the PRD and SRL range are sold through distributors. The business is broadly categorised between horizontal business (systems for those working at height, eg on rooftops, crane rails etc) and vertical business (systems for those climbing to or from height, eg ladders, telecom masts, electricity transmission towers). In recent years the range has been enhanced, both through acquisition and product development, to include Personal Protective Equipment, guardrails and walkways, and most recently rescue equipment.

The Safety Products business saw total revenues reduce by 11% in the year, whilst the effects of operational gearing resulted in operating profits (excluding exceptional items) 36% lower at £6.2 million.

Fall protection is a global business. As such, revenue performance by geographical segment is a key performance measure for the Safety Products business.

The UK was a difficult market this year, with the effects of a further slowdown in construction related expenditure exacerbated by the absence of a large Wingrip project for Airbus in the prior year. As a result, UK product revenues were 30% lower than last year at £8.7 million. Looking ahead, we expect to see Horizontal revenues starting to pick up as construction activity begins to recover, although this is very sensitive to the economic recovery and it is not yet clear when, and to what extent, this will drive revenues. Therefore we continue to seek retrofit opportunities with large existing and potential customers.

European revenues reduced by 8% to £12.4 million. This was mainly due to timing of Wingrip business and wind energy projects, as our traditional Horizontal and Vertical businesses produced modest growth despite the economic headwind. Both Wingrip and the wind energy sectors have a strong pipeline of business and are expected to resume growth in due course.

North America produced strong growth in the year, with revenues up 60% to £6.8 million. Both the SRL and the PRD showed excellent growth, as did Wingrip and Horizontal systems. The key now is to build upon this progress, and this is the basis upon which Latchways Inc has been set up in Houston, Texas. This provides a perfect base for addressing the Oil & Gas market, whilst Houston is an excellent hub for travel throughout North America. We enjoy a strong relationship with our main US partner, 3M, but we are also extending our own efforts to recruit and develop a strong independent installer base. We also have our own dedicated resource addressing the US Wingrip market, which we believe has substantial scope for growth in the coming years.

The rest of the world was heavily affected by reduced Vertical system revenues. Although total ROW revenues were down £1.7 million to £3.6 million, all product lines except Vertical achieved significant growth. Wingrip in particular produced revenues of £1.3 million, a 163% increase on the previous year, with an excellent spread of customers. Whilst Vertical revenues are expected to remain subdued this year, we are confident that progress in emerging markets will ensure that we can continue to grow our other product line revenues.

Safety Services

The Safety Services division is Latchways' UK installation arm. Trading conditions remained subdued given the lack of commercial construction activity. Other non-installation revenues improved to partly offset this. As a result, Safety Services revenues reduced by 2% in the year to £9.2 million (2013: £9.4 million). Gross margins were slightly improved at 36%, whilst operating costs were reduced by 1%. These positive impacts resulted in operating profit improving by 13% from £0.5 million to £0.6 million. We expect to see this improvement sustained and built on in the coming year, with further growth to come with an improvement in construction activity in due course.

During the year, Safety Services, as the largest installer of Latchways products, purchased £2.1 million of product from Latchways, a 17% reduction on the previous period, due to underlying market conditions.

Risks and the Operational Environment

As a provider of fall protection solutions to a global marketplace, the group is subject to a number of external factors which affect its risk profile. The more important of these are discussed below.

The Global Economy

The past year has seen tentative steps towards recovery in a number of our key geographies, although this recovery remains fragile. Any further economic downturn, particularly in our core UK and European markets, would naturally affect most businesses, Latchways included. Our response to this risk is to continue the rollout of our geographic expansion, as well as the development and/or acquisition of new products designed either to address new issues or take market share in existing markets.

The Commercial Construction Market

Latchways operates in a diverse and growing range of markets. This ensures that we are not excessively dependent on one market for our growth. Through diversifying our geographic and end user markets, we continue to reduce the importance of both the UK and European commercial construction markets to our overall business. We also work with a number of larger customers to maximise our retrofit opportunities, further reducing the dependence on new build. However these markets are and will remain important to us.

The Legislative Environment

The increasing emphasis on Health and Safety legislation throughout the European Union has been one of the key drivers of the fall protection business over the past decade. The UK, and certain other EU countries, which have interpreted this into specific fall-protection legislation have become significant markets for the Latchways product range. Within the UK, the most obvious examples of this legislation are the Workplace (Health, Safety & Welfare) Regulations 1992, the Construction (Design and Management) Regulations 1994 (revised in 2007), and the Working at Height Regulations 2005. Latchways sees the development of appropriate, workable safety regulations as of critical importance, not just to its own business but to business as a whole. As a result, we have ensured that Latchways is represented on a number of key legislative standards committees, both in the UK and overseas. Outside the EU, we are progressively seeing other countries adopting Health and Safety standards which should continue to provide us with opportunities in the years to come.

Commodity Prices

The majority of Latchways products are constructed of either marine grade stainless steel or, to a lesser extent, aluminium. Market prices for these commodities can be volatile, although the reduced levels of global economic activity have resulted in a relatively benign commodity market over recent years.

It remains Latchways' philosophy to protect our customers from the volatility of commodity prices through a combination of modest annual price increases and product re-sourcing efforts. This policy has served us well over a number of years, and will continue.

Currency Risk

Latchways has exposure to fluctuations in the Sterling/Euro exchange rate, as our European sales are invoiced in Euros. This risk is partly mitigated by the fact that guardrail and cable are purchased in Euros. Forward exchange contracts are used to mitigate the remaining exposures.

With North American business now US Dollar denominated, we will also be using forward exchange contracts to mitigate our exposure to the Sterling/ US Dollar exchange rate.

Other currency exposures currently include Australian and New Zealand Dollars. Where large contracts are won, forward contracts are used to mitigate these risks as appropriate.

Prospects

The challenges of the past year do not diminish the long term opportunities for the Latchways business. Fall protection as an industry is a growing international market and we need to invest in sales and technical resources to ensure that we retain our position as an industry leader.

The improving economic situation in the UK and some parts of Europe should underpin the construction facing elements of our business in the near term, whilst our investment in North America and increasing success in Latin America should also drive revenues, both directly and through our distribution partnership with 3M. North America is the largest fall protection market in the world and we are now well placed to take a growing share of that business.

Our ongoing investment in new products has generated considerable growth over the past few years and we expect this trend to continue. The new SRL range is expected to provide a further improvement to our competitive position in this market, and we expect to make further progress in the Oil and Gas and Wind energy markets.

For these reasons, we expect to resume growth in the coming year and beyond, and to provide excellent long term returns for our shareholders.

David Hearson

Chief Executive

Adjusted earnings per share exclude the post-tax impact of exceptional items.

The directors propose a final dividend of 27.50 pence per share (2013: 25.00 pence) at an estimated cost of £3,090,000 (2013: £2,792,000), which will be subject to shareholder approval at the Annual General Meeting on 5 September 2014.

NOTES

1. Basis of accounting

This financial information does not constitute the group's statutory accounts for the years ended 31 March 2013 and 2014. The financial information in respect of 2014 has been extracted from the audited financial statements for the year ended 31 March 2014 which have not yet been delivered to the Registrar of Companies. The auditors have reported on these financial statements; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.The information has been prepared in accordance with the EU-adopted International Financial Reporting Standards (IFRS) and IFRIC interpretations and with those parts of the Companies Act 2006 which are applicable to companies reporting under IFRS.

2. Accounting Policies

The accounting policies applied by the group were published in the Annual Report and Accounts for the year ended 31 March 2013, which are available on the group's website at www.latchways.com, and they will also be included in the Annual Report and Accounts for the year ended 31 March 2014. There have been no significant changes to the group's accounting policies during the year.

3. Forward-looking statements

Certain statements in this preliminary results announcement are forward-looking. Although the group believes that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these expectations will prove to have been correct. Because these statements involve risk and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements.

We undertake no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.

4. Earnings per share

The calculation of basic earnings per ordinary share is based on a weighted average of 11,210,855 ordinary shares in issue and ranking for dividend (2013: 11,169,028) and on a profit of £5,682,000 (2013: £8,320,000).

The calculation of adjusted basic earnings per ordinary share is based on a weighted average of 11,210,855 ordinary shares in issue and ranking for dividend (2013: 11,169,028) and on a profit of £5,682,000 (2013: £7,854,000).

The calculation of both statutory and adjusted diluted earnings per share is based on a weighted average of 11,222,172 ordinary shares (2013: 11,192,810), and uses an average market price for the year of £12.04 (2013: £10.19).

5. Dividends

In addition, the directors are proposing a final dividend in respect of the financial year ended 31 March 2014 of 27.50p (2013: 25.00p) per share which will absorb an estimated £3,090,000 of shareholders' funds (2013: £2,809,000). Subject to approval at the Annual General Meeting, the dividend will be paid on 12 September 2014 to shareholders who are on the register of members on 15 August 2014.

6. The Annual Report and Accounts 

The Annual Report and Accounts for Latchways plc for the year ended 31 March 2014 will be posted to shareholders on or before 5 August 2014 and copies will be available from the registered office, Latchways plc, Hopton Park, Devizes, Wiltshire, SN10 2JP.

7. The Annual General Meeting

The Annual General Meeting will be held at Hopton Park, Devizes, Wiltshire, SN10 2JP on 5 September 2014 at 12 noon.