Last checked at 25 Feb 2009 13:35
Issued on behalf of Leeds Group plc
Date: Wednesday, 25 February 2009
IMMEDIATE RELEASE
Leeds Group plc
Annual General Meeting
At today's Annual General Meeting, Ewen Wigley, Non-Executive Chairman, told shareholders:
"In our preliminary results announcement made on 16 December 2008, we stated that the trading performance of Hemmers-Itex, our German based importer and distributor of fabrics, was steady in the first two months of the year. The current economic downturn is providing a challenging environment for everyone to operate in, and Hemmers-Itex is no exception. After four months of trading in the current financial year I can report that revenue is ahead of that recorded in the same period in the last financial year. However whilst remaining profitable, the profit before tax at Hemmers-Itex is behind that of the same period in the last financial year.
In our Report & Accounts we referred to the establishment of a Chinese subsidiary of Hemmers-Itex and I am pleased to report that this is now up and running, and conducting business which the Group would otherwise not have undertaken. Given the economic climate that we are currently experiencing, the Board continues to monitor the performance of Hemmers-Itex closely as well as continuing to maintain a tight grip on costs elsewhere in the Group.
The Board continues to look for further acquisitions or investments that will strengthen the Group, and we will also look to continue to buy back shares whenever the appropriate opportunity arises."
Subsequently, all resolutions were duly passed.
| Enquiries: | ||
| Leeds Group plc | Citigate Dewe Rogerson | Seymour Pierce Limited |
| Malcolm Wilson, Company Secretary | Fiona Tooley | Sarah Jacobs |
| Tel: 0113 391 9000 or 07801 224618 | Tel: 0121 455 8370 or 07785 703523 | Tel: 020 7107 8000 |
| Ewen Wigley, Chairman | ||
| Tel: 07815 134466 |