19th Dec 2005 12:23
Holders Technology PLC19 December 2005 The previously announced rationalisation of European activities has beensuccessfully completed with Screen Circuit, the loss making Dutch basedactivity, now incorporated within Holders Technology BV and the previous ScreenCircuit management having left the combined company. Our three Germansubsidiaries have been merged to form Holders Technology GmbH. Thenon-recurring costs of this restructuring and other rationalisation measures areexpected to amount to £128,000 in the year to 30 November 2005. Trading for the Group in the second half of the year has been below marketexpectations. UK sales were broadly in line with budget, as were those of ourSwedish company Holders Technology AB, but the German and Dutch operations havehad a weaker second half than anticipated. Our Chinese activities are still in their formative phase but nevertheless haveachieved an encouraging growth in turnover and have made a positive contributionto Group profitability in the second half of the year. The board believes that the results for the year to 30 November 2005 will bebelow current market expectations principally due to the impact of thenon-recurring costs of the European rationalisation coupled with the previouslyreported bad debt in the UK of £53,000. The Group was cash generative in theyear and the balance sheet remains strong. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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