6 August
2024
AIREA plc
("AIREA",
the "Group" or the "Company")
Pre-close Trading Update and
Notice of Results
Solid trading in challenging
market conditions and positive outlook
AIREA plc (AIM: AIEA), the
UK design-led specialist flooring company,
supplying both the UK and international markets, today announces the following
trading update for the six months ended 30 June 2024 (the
'Period').
Trading update
Following a strong start to the
year, the Group experienced an unforeseen slowdown in the second
quarter. Sales for the Period were 5.6% down year on year, though
slightly ahead of the overall market trend.
UK and ROI sales ended the Period
0.3% down year on year. Sales in our international markets were
impacted by ongoing economic and geopolitical concerns and ended
the Period 21.9% behind the prior year.
There has been an encouraging start
to the third quarter, with positive trading in July and finishing
with a strong order book, especially for our low-carbon and
carbon-neutral products. The Group's commitment to innovation
remains steadfast, with several new product launches scheduled for
the second half of the year.
The Group continues to advance its
longer-term strategy. The major investment in the Group's
manufacturing facility in Ossett, West Yorkshire, announced in
January, remains on track to be completed in early 2025, marking a
significant step in the Group's ongoing transformation.
The second quarter sales dip has led
to higher than normal inventory levels at the Period end. The Board
is taking appropriate action to address this in the second half of
the year and will also review the Group's current stockholding
policy with the aim of introducing a more efficient and cash
generative strategy.
Outlook
The Board anticipates a continued
improvement in trading during the second half of the year. However,
in view of the difficult conditions in the second quarter, coupled
with the continued programme of investment in the Group's
transformation, the Board has moderated its full year sales growth
and profit expectations.
The Board remains confident in the
Group's long-term trading and growth prospects.
Notice of interim results
The Group's interim results for the
Period will be announced on 26 September 2024.
- 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
|
|
Northstar Communications
(Financial media and PR)
Sarah Hollins
|
Tel: +44 (0) 113 730 3896
|
This announcement contains inside
information for the purposes of the retained UK version of the EU
Market Abuse Regulation (EU) 596/2014 ("UK MAR").
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/.