Last checked at 16 Feb 2010 07:00
Creightons plc (the "Company")
Interim Management Statement
Creightons Plc today issues its interim management statement for the period from 1 October 2009 to 16 February 2010 ("the Relevant Period").
The Company's financial position has improved since the last published balance sheet (31 September 2009), 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 2010, 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 from the Company's main customers is down.
The Company has taken 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.
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 2010.
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.