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12 Sep 2008 07:00
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AGM STATEMENT
At the Latchways plc Annual General Meeting to be held today, Chairman Paul Hearson will report:
"As I reported in our Interim Management Statement of 24Β July,Β ourΒ business remains in robust health with order intake for the first five months at record levels. Our installer-based business, which accounts for the majority of the Group's activity,Β continues to generate revenue growth despite the worsening economic climate. BothΒ UKΒ and European installer order intake are ahead of last year.
After an exceptional summer last year, our vertical business has been quieter due toΒ theΒ timing ofΒ customers'Β maintenance spend. Planned maintenanceΒ programmesΒ later in the yearΒ areΒ expected toΒ improve revenuesΒ in the second half.Β WeΒ areΒ workingΒ with a number of potentialΒ newΒ customers in both the transmission and power generation markets to provide further growth inΒ this andΒ future years.
We have recently won a significant order forΒ the Royal Air Force for Wingrip systems to be delivered by the end of this year. The Wingrip system is becoming widely accepted for military applications and we are progressing a number of other opportunities.Β
The integration of Sigma 6, the Slovenian guardrail manufacturer, into the group has been completed and initial sales volumes have been encouraging, with aΒ goodΒ second half in prospect.Β The Self Retracting Lifeline product range, afterΒ an initial marketing investment,Β is beginning to develop momentum.
We are continuing to invest in additional resources to drive revenue growth. Whilst this investment will naturally take time to produce returns, we believe it is essential to ensure that we maintain our position at the forefront of our industry.
The board remains confident of full year performance in line with market expectations.
I look forward to providing a further update with the interim results on NovemberΒ 6th."
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Enquiries:
Latchways plc Threadneedle Communications
David Hearson, Chief ExecutiveΒ Graham HerringΒ /Β Josh Royston
Rex Orton, Financial DirectorΒ Tel: 020Β 7653 9850
Tel: 01380 732700
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