10% Down30 Apr 2009 10:20
Galiform Plc
INTERIM MANAGEMENT STATEMENT
Galiform Plc, the owner of Howden Joinery, is today publishing its Interim
Management Statement covering the first four trading periods of 2009.
Trading
The Board is pleased to report that the business has performed resiliently so
far this year.
In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery
UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot(2) basis.
Trading conditions continue to be stable, with sales performance so far this
year remaining on a par with that seen in the last three periods of 2008, when
total sales fell by around 8%.
As previously indicated, we are seeing the impact of the weakening of the pound
against the US dollar and euro. However, we have recently introduced a small
price increase. At this stage, it should be noted that the price increase has
only been in place for a short period and that over 70% of annual turnover
typically occurs in the remainder of the year.
Business developments
The Group continues to proactively manage its 'legacy property' portfolio.
Agreement has been reached with one landlord that will further reduce Galiform's
financial exposure to properties that had until November 2008 been occupied by
MFI Retail operations.In return for being released from all obligations in
respect of the lease, Galiform has made a cash payment to the landlord totalling
GBP0.5m, which