Last checked at 19 May 2016 07:00
19th May 2016
Eurocell plc
AGM Trading Update and Director Appointment
Eurocell plc ("Eurocell" or the "Company"), the leading sustainable B2B supplier of PVC building products with its own distribution network, today provides a trading update for the first 20 weeks of the financial year to 13th May 2016.
Eurocell has had a positive start to the year with Group revenues up 16.3% to £69.8 million. Both the Profiles and the Building Plastics divisions delivered improved revenues on last year, with like for like sales in the branch network ahead by 11.8%, although in a very competitive market. There were 7 new branches opened during the period and the Company is on track to deliver 15 new sites in the current year as a whole. Both of the recent acquisitions, S & S Plastics and Vista Panels are delivering to expectations.
The UK RMI market conditions remain stable, and benefited from relatively mild weather in January and February. We have seen some movement in resin prices through ethylene increases, this has had limited impact to date.
We are also pleased to announce the appointment of Michael Scott as Chief Financial Officer on 1st September 2016. Michael is currently Head of Corporate Finance at Drax Group plc. He has been with Drax since 2005, having previously held the positions of Head of Investor Relations and Group Financial Controller. Michael also served as Interim Group Finance Director between May and December 2015. Prior to joining Drax, he worked for MT International and Arthur Andersen, where he qualified as a Chartered Accountant.
The half year results will be announced on 23 August 2016.
Bob Lawson, Chairman of Eurocell, commented:
"Eurocell has had a positive start to the year. We are delighted with today's appointment of Michael as CFO. He will bring considerable relevant experience particularly given his recent finance and IR roles at Drax. Alongside Mark, who is already making a positive impact as CEO, we have the right management team to further develop Eurocell from the strong platform they inherit. Overall, the business is positioned well and I am confident about our prospects for the future."
There are no further disclosures to be made on the appointment of Michael Scott pursuant to 9.6.13 of the Listing Rules
Further Enquiries:
Ben Foster, Camilla Cunningham 020 3603 5221