AGM Statement (2898O)
September 15 2011 - 6:30AM
UK Regulatory
TIDMAPG
RNS Number : 2898O
Airsprung Group PLC
15 September 2011
AIRSPRUNG GROUP PLC
("the Group")
AGM STATEMENT
The Chairman will make the following trading statement at the
Annual General Meeting to be held today, Thursday 15 September 2011
at 12.30pm.
In the Chairman's statement accompanying the year-end Report and
Accounts, I highlighted the difficult trading likely to be
experienced by retailers in the second quarter and the expectation
that our half-year profits would be down on last year's
corresponding period.
Recent trading has indeed proved to be tough, with wide
fluctuations in demand from week to week. The independents and
larger multiple chains continue to suffer from a severe weakness in
demand, which has affected all divisions of the Group. On the other
hand, the Airsprung Beds business through major catalogue and
internet retailers has stabilised, as our customers' new catalogues
for Autumn/Winter 2011 have had a reasonably solid start.
Airofreem, our foam conversion business, is performing ahead of
budget. Gainsborough's sofa bed business has not been immune from
national trends, but its traditional beds business has responded to
a fresh look at ranges and a review of sales management. The
Cavendish restructuring is proceeding on plan. Collins & Hayes
performed strongly over the summer in the central London department
stores but this has been against a weaker backcloth nationally.
In summary, operating profits for the first half year are likely
to be little short of last year, before the costs of further
redundancies and restructuring are taken into account.
With regard to the second half year, commencing October, the
outlook is now somewhat more promising than I indicated in my
earlier statement. Several of our operational projects are
producing positive results and gross margins are under control. We
have not yet reached a turning point in the economic cycle, but the
second half year should produce profits that can be regarded as
satisfactory in the current environment and we remain confident in
the prospects for the Group as the economy recovers.
Stuart Lyons CBE
15 September 2011
For further information, please contact:
Airsprung 01225 779114
Tony Lisanti, Chief Executive
finnCap 020 7600 1658
Marc Young, Charlotte Stranner (Corporate Finance)
Simon Starr (Corporate Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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