Last checked at 14 Feb 2011 09:14
Creightons plc (the "Company")
Interim Management Statement
Creightons Plc today issues its interim management statement for the period from 1 October 2010 to 8th February 2011 ("the Relevant Period").
The Company's financial position has improved since the last published balance sheet (31 September 2010) due to increased retained earnings as a result of profits achieved on sales in the pre-Christmas period. As a consequence the level of stocks has been significantly reduced following sell-through of the pre-Christmas stock build.
Although sales in the third quarter were down on the same three months last year due to the declining Christmas seasonality of our business, they remain ahead of 2009/10 on a cumulative basis.
The Company continues to take measures to minimise exposure to the economic downturn. Discretionary spend particularly on marketing and product research has been kept to a minimum, although the situation is continuously under review in order to best exploit market opportunities.
Further to the announcement of 15 December 2010 regarding the fire adjacent to the Company's factory in Peterborough , the Company has been advised that its insurers have accepted liability under the Company's insurance policy (subject to its terms and conditions) for costs of business interruption as well as stock, plant and equipment replacement.
The Board has undertaken a full review of the potential impact of the fire on the Company, and is confident that the impact on turnover and trading will be minimal, with negligible loss of sales due to a successful re-manufacturing programme implemented to replace stock lost due to the fire.
Neither the financial information on which this statement is based nor this statement itself have been reviewed or reported upon by the Company's auditors.
The Company's final results for the year to 31 March 2011 are expected to be published by 30 June 2011.
Investor enquiries should be addressed to the Company Secretary, Nick O'Shea, Creightons plc, 1210 Lincoln Road, Peterborough, PE4 6ND, phone +44 (0) 1733 281000.