14 Jan 2011 08:00
14 January 2011 |
Hightex Group plc
("Hightex" or "the Group")
Trading update
Hightex Group plc (AIM: HTIG), a leading designer and installer of large membrane projects worldwide, is pleased to announce that revenues for the year to 31 December 2010 were broadly in line with expectations.
Unaudited revenues are expected to be approximately €30 million, which include a significant element of revenues resulting from Hightex's involvement in the construction of three iconic stadia: the retractable roof above the Olympic Stadium in Kiev, Ukraine; the roof over the National Stadium, Warsaw, Poland; and the entire retractable roof and fixed façade on the BC Place Stadium, Vancouver, Canada.
The Group continues to expand and is pursuing numerous sizeable contracts in South America, Europe, the Middle East and South East Asia. This has led to higher marketing expenditure than originally anticipated. This, together with a currency exchange loss on inter-company loans brought forward at the start of 2010 and additional depreciation on new fabrication machinery, is expected to result in profits for 2010 of approximately €2 million. This compares with an audited profit before tax in the year ended 31 December 2009 of €779,000, equivalent to an adjusted profit (for exceptional and non-recurring items) of €1.1 million.
Hightex announced its most recent contract win in December 2010 and the Board is optimistic that certain substantial contracts, that have been tendered for will be secured in the coming months. It is anticipated that preliminary results for the year to 31 December 2010 will be announced on 13 April 2011.
For further information:
Hightex Group plc | |
Charles DesForges, Chairman | Tel: +44 (0) 20 7603 1515 |
Frank Molter, Chief Executive Officer |
|
Charles Sebag-Montefiore, Non-Executive Director | www.hightexworld.com |
FinnCap | |
Geoff Nash, Henrik Persson, Corporate Finance Tom Jenkins, Simon Starr, Broking | Tel: +44 (0) 20 7600 1658 |
www.finncapitalmarkets.com
|
Media enquiries
Hudson Sandler | |
Charlie Jack | Tel: +44 (0) 20 7398 7706 |
Nathan Field | www.hudsonsandler.com |
Notes to Editors
Hightex Group is a specialist provider of large area architectural membranes for roofing and façade structures. The membranes are typically used in roofs and façades for sporting stadiums and arenas; airport terminals; train stations; shopping malls and other buildings. This type of structure is a competitive alternative to glass as it is cheaper, lighter, and safer as well as being flexible to create complex shapes and it can span larger areas. Hightex uses environmentally friendly materials and is focussed on innovative technology and coatings, which help to reduce a building's energy costs.
Hightex, one of only two international companies to design and install these structures worldwide, has been involved in the construction of a number of very high profile buildings including The Wimbledon Centre Court retractable roof, the Burj al Arab Hotel in Dubai, the roof of the Suvarnabhumi International Airport in Bangkok and the grandstand roof at Ascot Race Course.
The global market for membrane structures is estimated by the Hightex directors to approach around €350 million a year, and is growing as a result of the demand for energy efficient buildings and the popularity and cyclical nature of sporting events, which give rise to a continuing need for upgraded and new buildings and stadiums.
Headquartered in Rimsting, Germany the Group employs approximately 45 people and is listed on the AIM market of the London Stock Exchange (LSE: HTIG). Further information on Hightex Group plc can be found at www.hightexworld.com