8 May
2024
AIREA plc
("AIREA",
the "Group" or the "Company")
AGM
Statement
AIREA plc (AIM: AIEA), the
UK design-led specialist flooring company,
supplying both the UK and international markets, will be holding its Annual General
Meeting ("AGM") today at 2.00 p.m. at Victoria Mills, The Green, Ossett, WF5 0AN.
Martin Toogood, Non-Executive
Chairman will provide the following update at today's
meeting:
"It is my
pleasure to welcome you to the seventieth AGM of AIREA plc.
As Non-Executive Chairman, I am joined by Médéric Payne, Chief Executive Officer, Conleth
Campbell, Chief Financial Officer and Company Secretary and Tanya
Ashton, Non-Executive Director.
"Médéric
continues to lead the Executive team with his extensive leadership,
commercial, supply chain and marketing expertise. Conleth joined
the Group in October 2023, with more than 25 years of experience in
public company environments where he has held senior finance
positions, including experience in M&A, capital markets and
investor relations.
"Tanya joined the Group on the same
day as the AGM last year and her expertise on the subject of
sustainability is proving to be invaluable as we continue our
transformation of the business.
"I am pleased to report another year
of excellent progress, as outlined in the Group's final results in
March. Revenue increased 14.1% to £21.1m with operating profit
increasing to £1.8m. The net cash position improved by £0.6m to
£3.4m. The Group is proposing a dividend of 0.55 pence per share,
an increase of 10% and aligned with our progressive dividend
policy.
"Following the latest triennial
valuation, the pension scheme deficit
increased to £5.0m. The Company is currently in discussion with the
scheme's trustees to agree on a reasonable and affordable recovery
plan. A further update will be provided in the Group's interim
results later this year.
"In January, the Group was pleased to announce a
£5.0m investment in its manufacturing facility here in Ossett to
substantially increase capacity and
include the automation of certain processes
using the latest cutting-edge Artificial Intelligence imagery and
inspection technology. The project is well
underway and is scheduled to be completed in early 2025.
"I am
pleased to report that the year has started well, with demand
remaining strong for our carbon-zero and low-carbon product ranges.
We continue to invest in product development and will showcase our
latest ranges at the forthcoming Clerkenwell Design Week in London
later this month.
"The Board
is confident of making further progress in 2024 and we look forward
to updating shareholders in due course."
- Ends -
For
further information please contact:
|
AIREA plc
Médéric Payne, Chief Executive
Officer
Conleth Campbell, Chief Financial
Officer
|
Tel: +44 (0) 192 426 6561
|
|
Singer Capital Markets
(Nominated Adviser and Sole Broker)
Peter Steel / Sam Butcher
|
Tel: +44 (0) 20 7496 3000
|
|
Yellow Jersey PR
(Financial media and PR)
Sarah Hollins / Shivantha
Thambirajah / Zara McKinlay
|
Tel: +44 (0) 20 3004 9512
|
Notes to Editors
AIREA plc is a UK design-led
specialist flooring company, supplying both UK and international
markets. Since 2007, the Group has been focused solely on
floor coverings and enjoys a strong and growing brand position
within the commercial flooring market.
The Group's core brand Burmatex® is
one of the UK's leading designers and manufacturers of commercial
carpet tiles and planks. Burmatex® focuses on the design and
creation of sustainable innovative flooring solutions to meet the
needs of architects, specifiers and contractors with a continuously
developing range to suit the education, leisure, commercial,
hospitality and public sectors. The brand was acquired by AIREA in
1984.
The Group was admitted to trading on
AIM of the London Stock Exchange on 12 December 2007.
For further information, please
visit: https://aireaplc.com/.