29th Jan 2007 07:01
Air Music & Media Group PLC29 January 2007 29 JANUARY 2007 Air Music & Media Group plc ("Air Group" or "the Group") TRADING UPDATE The Board of Air Group, the UK distributor of home entertainment products, todayprovides shareholders with a trading update. Performance across the business units in the Christmas trading period mirroredtrading in the first half of the financial year. At the core of the business,Music Box Leisure held up well whilst ESD Wholesale continued to experiencetough trading conditions. In the non-core businesses, both AMM Sales and Legacycontinued to experience lower sales than the previous year. The Group's buying activities have enabled the core of the business to improvemargins and steps taken last year to rationalise activities and reduce overheadare delivering improved operating profit margins. The Board is assessingstrategic options regarding underperforming operations. Sales in the three months to 31 December 2006 were £23.2 million, compared to£26.4 million in the corresponding previous period, as follows: ---------- ----------- -------- 31-Dec 31-Dec 2006 2005 (3 months) (3 months) ---------- ----------- -------- £ million £ million Change ---------- ----------- -------- Music Box Leisure 17.8 17.6 1%ESD Wholesale 3.8 5.3 -28%Air Music and Media Sales 0.6 0.9 -33%Legacy Entertainment 1.0 1.7 -41%Play Media - 0.9 -100% ---------- ----------- -------- 23.2 26.4 -12% ---------- ----------- -------- Outlook In the Group's interim statement it was noted that, despite a fall in headlinesales, the improvements made in the Group had led to trading results broadly inline with expectations. Whilst the Christmas performance at Music Box Leisurewas steady, if unspectacular, performance in the other businesses mean that fullyear profits will be unlikely to meet market expectations. The Board anticipatesthat full year profits, before tax and goodwill amortisation, will be marginallybelow last year's results on a pre-exceptional basis. --ENDS-- Enquiries: AIR MUSIC & MEDIA GROUP PLC Tel: 0161 767 1620Peter Cowgill, Chairman BISHOPSGATE COMMUNICATIONS LIMITED Tel: 020 7562 3350Dominic BarrettoFran Read This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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