Abrdn Property Regulatory News (API)

26 Jan 2005 15:01

API Group PLC26 January 2005 26 January 2005 API GROUP PLC CHAIRMAN'S AGM STATEMENT At today's Annual General Meeting of API Group plc, the Chairman, David Hudd,said: "We continue to make good progress in restructuring the Group. Earlier thismonth, we completed the disposal of the Converted Products businesses for a cashconsideration of up to £12.2m. This closely followed the disposal in December ofMetallised Paper for £0.5m and marks the end of the process of divestment ofnon-core businesses initiated in June 2004. The Group is now refocused on itsprofitable foils and laminates activities and the proceeds from the disposalshave enabled us to further reduce our debt and gearing. As we indicated in our preliminary announcement in November, the Group hascontinued to experience challenging trading conditions in its key markets andthe impact of higher oil prices on the cost of raw materials and utilities hasresulted in pressure on margins. Despite this, demand remains relatively robustin the foils businesses, the laminates business continues to perform well andthe recovery in the performance of our US business has been sustained. The trading results of the Group's continuing businesses for the first quarterare ahead of those for the same period of the previous year and are in line withthe Board's expectations. The Board remains committed to its strategy of further developing the Group'score foils and laminates activities, where we believe there are attractiveopportunities for profitable growth." ENDS Enquiries David Walton, Chief Executive, API Group plc 020 7653 3300 Tim Spratt/Michelle Morton, Financial Dynamics 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange