Last checked at 5 Nov 2008 12:00
| For Immediate Release | 05 November 2008 |
ELECO plc
("Eleco" and or the "Company")
Annual General Meeting Statement
John Ketteley, Executive Chairman of Eleco plc, the building systems and software group, made the following statement at the Annual General Meeting of the Company held today:
"Group turnover for the first quarter was ahead of last year. However operating profits were lower, reflecting significant increases in raw material costs in the period and anticipated pressure on tender prices. We also incurred one off costs associated with making further improvements in our environmental management programme.
"Against this background, I am pleased to report that project enquiry levels for our precast concrete products remained strong in the period; that some of our raw material costs are beginning to fall; and that we have taken appropriate steps to reduce costs and improve our operating margins. I am also encouraged by the resilience shown by our construction and visualisation software interests.
"Tough conditions are expected to prevail for some time in the UK construction industry. However, given Eleco's strong financial position, it is well placed to deal with the current economic uncertainties and to take advantage of any opportunities to develop its businesses that may arise in the year ahead. I remain confident that Eleco will acquit itself well."
For further information please contact:
| Eleco plc | Tel: 01920 443 830 |
| John Ketteley, Executive Chairman john.ketteley@eleco.com | http://www.eleco.com |
| David Dannhauser, Finance Director david.dannhauser@eleco.com | |
| Collins Stewart Europe Limited | 020 7523 8350 |
| Nick Ellis | |
| Buchanan Communications | 020 7466 5000 |
| Tim Anderson / Isabel Podda / Christian Goodbody |