Last checked at 21 Jan 2016 07:00
AIREA plc ('Airea' or the 'Company')
Trading Update
Airea, whose principal activity is the manufacturing, marketing and distribution of floor coverings, announces a trading update for the six months ended 31 December 2015.
The Company has consolidated its manufacturing operations from four locations onto two existing sites occupied by the Company at Ossett and Wakefield, as part of its on-going strategic efficiency programme. As a result, whilst there are one-off significant costs in respect of the site consolidation, on-going costs will be significantly reduced going forward. These include cost savings following the expiry of the lease of one of the properties vacated. In addition, Airea has agreed to lease to a third party its freehold property in Bury, which is no longer required for group operations as set out above, once it has been fully vacated by the Company in the third quarter of this financial year.
Despite the adverse impact on international sales due to the strength of sterling against the Euro in the first half of the financial year and the relocation costs referred to above, earnings are broadly in line with the corresponding period last year.
Further information on the site consolidation will be provided in Airea's interim results for the six months ended 31 December 2015, to be announced in February 2016.
For further information please contact:
AIREA plc
Neil Rylance, Chief Executive Officer 01924 266561
Roger Salt, Finance Director
N+1 Singer
Richard Lindley 020 7496 3000
James White