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11 Aug 2009 07:00
Latchways plc
Interim Management Statement
In accordance with the UK Listing Authority's Disclosure and Transparency rules, Latchways plc presents its interim management statement in respect of the period 1 April 2009 to 10 August 2009 inclusive.
Trading for the year to date is broadly in line with management expectations, and the board expects full year performance to be in line with current market forecasts.
In our results for the year ended 31 March 2009, announced on 8 June 2009, we stated that the second half of last year had seen reduced business in the UK and North America, particularly in the construction-facing markets, where the recession had hit confidence and investment. This situation, as predicted, has continued into the new financial year and is expected to persist. This will result in last year's strong first half performance not being repeated this year.
Whilst our markets have undoubtedly been impacted by the recession, we are encouraged by the continued resilience of our European markets and some recent successes in new geographies.
Our business pipeline remains strong with a number of high value, non-construction related projects under discussion with potential customers worldwide. Whilst these opportunities are not expected to significantly affect the current financial year, we are confident that they will lead to improvements going forward.
We continue to focus on maximising our market share in those markets most affected by the downturn, whilst ensuring that we exploit the long term opportunities that are presenting themselves. We have a strong balance sheet with net cash and we continue to generate further cash.
ends
Enquiries:
Latchways plc Threadneedle Communications
David Hearson, Chief Executive Graham Herring / Josh Royston
Rex Orton, Financial Director Tel: 020 7653 9850
Tel: 01380 732700
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