Last checked at 12 Aug 2011 10:56
Creightons plc ("the Company")
Interim Management Statement
Creightons Plc today issues its interim management statement for the period 1 April 2011 to 12 August 2011 ("the Relevant Period").
The Company's financial position has deteriorated since the last published balance sheet (31 March 2011), as a result of the losses incurred during the first quarter of this financial year, although this is primarily due to the time of year and cyclical nature of the Company's business.
Sales in the first four months of this financial year (to 31 July) have been higher than for the same period in the previous year as a result of increased demand from the Company's main customers and higher sales for new products being introduced into the American markets.
The Company continues to experience serious pricing pressures from suppliers, although the board is striving to mitigate this wherever possible by seeking to maintain margins and reducing non-essential overhead costs. However, whilst this has resulted in some further savings this year, these pressures have resulted in slightly lower margins compared to last year, and have not been sufficient to fully off-set cost increases such as the rise in National Insurance, additional investment in Health and Safety measures and support of the American market. Consequently, despite higher sales levels, the losses incurred in the first three months of this year have been marginally higher than those incurred during the corresponding period last year.
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 AGM is being held at its offices in Peterborough on 24 August 2011.
The Company's interim results for the period 1 April to 31 September 2011 will be issued on or before 31 December 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.