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8 May 2024 12:00
8 May 2024
AIREA plc
("AIREA", the "Group" or the "Company")
AGM Statement
AIREA plc (AIM: AIEA), the UK design-led specialist flooring company, supplying both the UK and international markets, will be holding its Annual General Meeting ("AGM") today at 2.00 p.m. at Victoria Mills, The Green, Ossett, WF5 0AN.
Martin Toogood, Non-Executive Chairman will provide the following update at today's meeting:
"It is my pleasure to welcome you to the seventieth AGM of AIREA plc. As Non-Executive Chairman, I am joined by Médéric Payne, Chief Executive Officer, Conleth Campbell, Chief Financial Officer and Company Secretary and Tanya Ashton, Non-Executive Director.
"Médéric continues to lead the Executive team with his extensive leadership, commercial, supply chain and marketing expertise. Conleth joined the Group in October 2023, with more than 25 years of experience in public company environments where he has held senior finance positions, including experience in M&A, capital markets and investor relations.
"Tanya joined the Group on the same day as the AGM last year and her expertise on the subject of sustainability is proving to be invaluable as we continue our transformation of the business.
"I am pleased to report another year of excellent progress, as outlined in the Group's final results in March. Revenue increased 14.1% to £21.1m with operating profit increasing to £1.8m. The net cash position improved by £0.6m to £3.4m. The Group is proposing a dividend of 0.55 pence per share, an increase of 10% and aligned with our progressive dividend policy.
"Following the latest triennial valuation, the pension scheme deficit increased to £5.0m. The Company is currently in discussion with the scheme's trustees to agree on a reasonable and affordable recovery plan. A further update will be provided in the Group's interim results later this year.
"In January, the Group was pleased to announce a £5.0m investment in its manufacturing facility here in Ossett to substantially increase capacity and include the automation of certain processes using the latest cutting-edge Artificial Intelligence imagery and inspection technology. The project is well underway and is scheduled to be completed in early 2025.
"I am pleased to report that the year has started well, with demand remaining strong for our carbon-zero and low-carbon product ranges. We continue to invest in product development and will showcase our latest ranges at the forthcoming Clerkenwell Design Week in London later this month.
"The Board is confident of making further progress in 2024 and we look forward to updating shareholders in due course."
- Ends -
For further information please contact:
AIREA plc Médéric Payne, Chief Executive Officer Conleth Campbell, Chief Financial Officer | Tel: +44 (0) 192 426 6561 |
Singer Capital Markets(Nominated Adviser and Sole Broker) Peter Steel / Sam Butcher | Tel: +44 (0) 20 7496 3000 |
Yellow Jersey PR(Financial media and PR) Sarah Hollins / Shivantha Thambirajah / Zara McKinlay | Tel: +44 (0) 20 3004 9512 |
Notes to Editors
AIREA plc is a UK design-led specialist flooring company, supplying both UK and international markets. Since 2007, the Group has been focused solely on floor coverings and enjoys a strong and growing brand position within the commercial flooring market.
The Group's core brand Burmatex® is one of the UK's leading designers and manufacturers of commercial carpet tiles and planks. Burmatex® focuses on the design and creation of sustainable innovative flooring solutions to meet the needs of architects, specifiers and contractors with a continuously developing range to suit the education, leisure, commercial, hospitality and public sectors. The brand was acquired by AIREA in 1984.
The Group was admitted to trading on AIM of the London Stock Exchange on 12 December 2007.
For further information, please visit: https://aireaplc.com/.
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