29th Jul 2010 07:00
29 July 2010
St Ives plc - Trading Update
St Ives is today providing a pre-close trading update for the year to July 2010.
As previously reported, good progress has been made to improve the performance of the Group and further strengthen its financial position. Trading in the final quarter has been in line with management expectations and market conditions are unchanged from those described in the June Interim Management statement. We are on track to meet expectations for the full year and, despite the tough trading conditions, we have made significant progress from the previous financial year.
Cash flows are strong and net debt remains low, despite funding the cost reduction programme and the acquisition of Occam DM Limited. Actions taken to date to reduce cost and extend the range of services offered, along with our strong financial position, will enable further progress to be made as the economic climate improves.
We continue to explore opportunities to reduce costs and improve efficiencies throughout our plants.
We have further strengthened our management across the group and in particular our sales teams where significant resource has been recruited to support our ambitions going forward.
For further information please contact:
St Ives plc 020 7928 8844
Patrick Martell, Chief Executive
Matt Armitage, Finance Director
Smithfield 020 7360 4900
Rupert Trefgarne
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