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23 Feb 2011 12:00
Embargoed release: 12pm 23rd February 2011
Leeds Group plc
(the "Company")
AGM Statement
At today's Annual General Meeting, Johan Claesson, Acting Non-Executive Chairman, will make the following statement:
"In our preliminary results announcement made on 12 January 2011, the Group reported a return to profitability in the year to September 2010 with Group revenue in our European and Chinese trading operations having grown by 7.7% over the previous year. I am pleased to be able to report that Group revenue for the first four months of the current financial year shows further growth of 7%, and that profitability is in line with management expectations.
At the same time, we find that our wholesale customers are delaying placing orders for delivery in the second half of the year in the light of the very large price increases that continue to affect cotton products, no doubt in the hope that prices may soon fall. We regard that as unlikely in the short term, but it is too early to say whether the current price levels will have a major impact on our sales volumes in the coming months"
- Ends -
Enquiries:
Malcolm Wilson Tel: 0113 391 9000
Leeds Group plc
Sarah Jacobs (Nominated Adviser) Tel: 020 7107 8000
Laetitia McManus (Broker)
Seymour Pierce Limited
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