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10 Dec 2008 07:00
AIREA plc ("AIREA" or "the Group")10 December 2008Trading update
Since AIREA released its annual results on 29 September 2008, there has been a deterioration in market conditions. In the meantime, significant steps have been taken to streamline the manufacturing operations and control costs. The Board believes that these measures will mean that the Group is well placed when market conditions improve.
However, as the Board is not yet able to predict when this improvement in market conditions will take place, they have reduced their expectations for the remainder of the financial year significantly. Despite the improvements in manufacturing efficiency and the reduction in costs, the Board now anticipate that the Group will report an operating loss for both the half year to 31 December 2008 and the full year to 30 June 2009.
In view of the above situation, the Board does not intend to declare an interim dividend for the year ending 30 June 2009. The Board will keep the situation under review and will make a decision about whether to recommend a final dividend later in the year.
For further information please contact:
AIREA plc
Neil Rylance Chief Executive Officer 01924-266561Kevin Henry Group Finance Director 01924-266561
Brewin Dolphin Investment Banking
Andrew Kitchingman Managing Director - Corporate Finance 0845-2134730Sean Wyndham-Quin Assistant Director - Corporate Finance 0845-2134747
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