Abrdn Property Regulatory News (API)

19 Oct 2007 15:42

API Group PLC19 October 2007 19 October 2007 API GROUP PLC TRADING UPDATE Following disappointing trading conditions in the six months to 30 September2007, which led in part to the Company's announcement regarding funding on 21September, the Board now expects the results for the period ending 31 March 2008to be at a significantly lower level than previously expected. In the year to 31 March 2008 and in comparison with previous year results,however, the European segment is expected to show improvements particularly inLaminates and Foils Europe, and the Company is progressing with a number of newbusiness opportunities which, should they proceed to plan, would have asignificant positive impact on the results for the period. The Group continuesalso to make progress against key strategic initiatives. Production has startedat the Group's new facility in China, the construction of which was completed onschedule and on budget, and the Group's new distribution business in Italy isperforming well following its commencement of trading in April. New CEO AndrewTurner also started in the role on 15 October. The Company continues to work towards a resolution of its funding issues aspreviously announced and key stakeholders continue to be highly supportive. TheBoard remains confident of a satisfactory outcome and has in the meantimeachieved improvements in its short term cash position compared with thestatement of 21 September. Ends Enquiries Andrew Turner, Group Chief Executive Officer, 01625 858700API Group plc Tim Spratt / Nicola Biles, Financial Dynamics 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange