trading statement today12 Jan 2010 12:07
Just a summary below
Overall, the Company anticipates that the Group’s results for 2009 are likely to be significantly below current market expectations, although it still expects to report an operating profit before exceptional costs and interest.
The Group’s bankers have been kept fully informed of the situation and are supportive. The company is currently discussing revised terms for its facilities and has obtained from its bank a waiver of the year end interest cover covenant test.
Although the Board is not expecting a return to normal trading conditions in 2010, particularly in the Retail sector, the cost savings generated from the integration of the Group’s Retail and Educational Interiors businesses, together with a realistic expectation of orders for the year ahead, continues to give the Board reason to believe that there will be an improvement in trading in 2010.