30th Jul 2008 07:00
ENSOR HOLDINGS PLC TRADING UPDATE
The Directors of Ensor Holdings plc ("Ensor") announce an update on current trading.
Ensor's results for the year ended 31 March 2008, which were announced on 13 June 2008, showed a strong performance with an increase in profit before tax of 19 per cent. compared to the previous year. In the results announcement we noted that market conditions were becoming more difficult, but we felt that there were opportunities to counter the effects of the growing economic uncertainty.
Whilst that remains true, the construction industry, with which we are most closely aligned, has been badly affected in the last three months and to a greater degree than most commentators had anticipated. We now believe that the downturn in our markets will be harsher and will last for longer than we expected three months ago. We have seen a reduction in year on year sales to date and, with margins under pressure, expect our half year results to be materially reduced from last year's level.
Our attention remains focused on sales and margins and we continue to look very critically at the cost base of the Group. Our balance sheet is strong with a better than budgeted cash position and low gearing.
Enquiries:
Ensor Holdings PLC 0161 945 5953 Paul Parnham / Marcus Chadwick Hanson Westhouse Limited 0113 246 2610
Tim Feather / Matthew Johnson
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