AFC Energy Regulatory News (AFC)

26 May 2005 12:30

Oystertec PLC26 May 2005 26 May 2005 Oystertec plc ("Oystertec" or "the Company") AGM Announcement Oystertec, the advanced fluid connections and intellectual property group, willtoday host its Annual General Meeting at the Head Office of IBP in Tipton, WestMidlands at 12:30. At the meeting Angus Monro, Chairman, will be stating the following: • Our Plumbing Division has seen some improvement in sales performance since the beginning of March 2005. However market conditions remain difficult and it is likely that the first half sales outcome will be below last year; • Performance of the Industrial and Licensing Divisions continue to be in line with management's expectations; • Good progress has been made in stock reductions and our key cost out programmes; • Due to the lower sales referred to above, group first half profits to 30 June 2005 (before goodwill and exceptional items) are expected to be lower than last year; • As a result of a disappointing first half performance and continuing challenging European market conditions, we do not expect to achieve last year's level of profitability for the full year. We will update the market further at the time of our Interim Results, currently scheduled for 8 September 2005. For further information please contact: Andy Evans, CEO Tel: 0113 368 7550Angus Monro, ChairmanOystertec plc Bobby Morse / Suzanne Brocks / Elly Williamson Tel: 020 7466 5000Buchanan Communications This information is provided by RNS The company news service from the London Stock Exchange