Interim Management Statement27 Aug 2009 15:29
Abbeycrest Interim Management Statement
TIDMACR
RNS Number : 9165V
Abbeycrest PLC
20 July 2009
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| Press release | 20 July 2009 |
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Abbeycrest plc
("Abbeycrest" or "the Group")
Interim Management Statement
Abbeycrest plc (LSE: ACR), a leading international jewellery designer and
manufacturer, today provides an update on business performance since the
announcement of its Final Results for the year to 28 February 2009 on 26 June
2009.
The Board is pleased to report that in the current financial year, the Group is
performing in line with management expectations under the Group's well advanced
turnaround plan, in terms of both sales and operating profitability.
The Essentials division, Abbeycrest's established business supplying unbranded
jewellery to mainstream global markets, is performing ahead of last year;
delivering much improved operating results on a significantly reduced turnover.
The managed withdrawal from certain, lower margin UK business streams and focus
on fewer product lines, as previously reported, is working to good effect. Order
intake across the breadth of customers and markets is positive and building as
we look forward to the second half of t