LONDON (Alliance News) - Tex Holdings PLC Monday said trading in the year to date has been as expected, with half-year billing and revenues currently ahead of last year.
Tex Holdings and its subsidiaries work in the manufacturing and supply of engineering products, plastics, boards and panels.
In an annual general meeting statement to shareholders, Chairman Richard Burrow said the company remains "broadly cautious" on the outlook for the business in the second half of the year, while the pipeline of prospective orders is lower than at the same point last year.
It said that within its engineering division, Eurotex has been hit by delays to a number of projects, as a result of a client temporarily deferring maintenance on two vessels, while its plastics division is trading in line with the previous year, and the boards & panels division is currently ahead of last year.
"Given current sales levels and taking into account the contract delays in Eurotex and some remaining on-going trading uncertainties associated with the ATC division, the board remain broadly cautious on the outlook for the second half," said Burrows.
Tex shares were up 2.0% at 101.50 pence Monday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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