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16 Feb 2009 09:22
Creightons plc ("the Company")
Interim Management Statement
Creightons Plc today issues its interim management statement for the period from 1 October 2008 to 12 February 2009 ("the Relevant Period").
The Company's financial position has improved since the last published balance sheet (31 September 2008), as inventory, borrowing and payables all improved, along with an increase in retained earnings as a result of the profit achieved on sales in the pre-Christmas period. This performance however was to have been expected given the time of year and cyclical nature of the Company's business. The level of stocks has been significantly reduced following sell through of the pre-Christmas stock build, which enabled the Company to reduce borrowings for the time being.
Sales in the four months to January 2009 however have been lower than for the same period in the previous year as a result of a significant weakening of consumer off-take and demand by the Company's main customers is clearly down. There is no sign that this situation will recover in the short to medium term.
The Company continues to experience serious price pressures from suppliers, although it is still striving to mitigate this wherever possible by seeking to reduce non-essential overhead costs.
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 2009 are expected to be published by 30 June 2009.
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.
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