API Group PLC Trading Update (6772Q)
September 03 2014 - 1:00AM
UK Regulatory
TIDMAPI
RNS Number : 6772Q
API Group PLC
03 September 2014
Press Release 3 September 2014
API Group plc
("API" or the "Group")
Trading Update
API Group plc (AIM: API), the leading manufacturer of specialist
foils and packaging materials, is today providing the following
update on trading:
As indicated in previous statements, the Group's Foils Americas
business unit has been impacted by a drop in demand from customers
in the metallic pigment sector, affecting results for the second
half of last financial year and continuing into the current
financial year. The duration and severity of the down-turn has been
greater than expected, albeit a recovery is now getting under way.
As a consequence, it is now anticipated that the unit will post a
small loss for the year.
Elsewhere, Laminates and Foils Europe are trading broadly in
line with last year, whilst Holographics has consolidated the
breakeven position established in the last year's final quarter and
there are good prospects for a return to profitability based on an
improving business development pipeline.
Overall, the elimination of last year's losses in Holographics
is proving insufficient to compensate for the significant profit
shortfall at Foils Americas. As a consequence, Group expectations
are being downgraded, with both first half and full year results
behind those reported last year.
Beyond the current financial year, Group results should benefit
from a recovery in sales revenues at both Foils Americas and
Holographics, as well as the realisation of growth and profit
improvement opportunities associated with the ongoing capital
investment programme.
- Ends -
For further information:
API Group plc
Andrew Turner, Group Chief Executive Tel: +44 (0) 1625
650 334
Chris Smith, Group Finance Director www.apigroup.com
Numis Securities (Broker)
James Serjeant Tel: +44 (0) 20 7260
1000
www.numis.com
Cairn Financial Advisers (Nominated Adviser)
Tony Rawlinson / Avi Robinson Tel: +44 (0) 20 7148
7900
www.cairnfin.com
Media enquiries:
Abchurch
Henry Harrison-Topham / Quincy Allan Tel: +44 (0) 20 7398
7710
quincy.allan@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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