Last checked at 25 May 2017 07:00
Leeds Group plc
(the "Company")
Trading Update
Leeds Group wishes to update the market on its expectations for the 52 week period to 31 May 2017.
As noted in our Interim Report, trading performance at our operating subsidiaries was lower than expectations in the first half of the year although the overall performance of the Group was higher than the previous year due to foreign exchange gains. The Company had identified that performance was constrained by a shortage of double folding capacity which reduced our ability to service our customers as quickly as they required. We responded to this with a significant capital expenditure programme which eliminated the need for third party double folding and warehousing, bringing them inhouse to enlarged properties owned by the Hemmers business.
Trading performance of the operating subsidiaries in the second half of the year has been below our expectations with the restructuring taking longer than expected. The Group profit before tax for the full year is therefore expected to be lower than what was reported last year.
The Board is confident that the restructured business is well positioned to deliver future growth.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Leeds Group plc
Dawn Henderson
07747 777055
Cairn Financial Advisers LLP
Tony Rawlinson
Liam Murray
Richard Nash
020 7213 880