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15 Nov 2012 07:00
Swallowfield plc
("Swallowfield" or the "Company")
Trading update
Swallowfield today announces the following trading update.
We have experienced more difficult trading conditions so far this year due to customer and consumer caution.
We have explained previously that the company is undergoing a much higher level of customer rebalancing as some customers take work in house and which we are replacing with a broader range of customers. This will reduce our risk profile.
As a result we expect the first half of the year to have significantly lower turnover than last year.
We have already made cost reductions, the expense of which has been taken in the first half. The benefits of this have not yet fully impacted on our results. Speed of new customer conversion and new customer launches is gaining pace and we expect greater momentum in the second half.
The Board therefore expects full year earnings to be significantly below current market expectations.
Enquiries:
Swallowfield plc | 01823 662241 |
Ian Mackinnon - Chief Executive Officer Mark Warren - Group Finance Director | |
N+1 Singer | 0207 496 3000 |
Shaun Dobson - Nominated Adviser |
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