LTC.L Regulatory News (LTC)

5 August 2014

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 2014 to 4 August 2014 inclusive.

Trading conditions remain mixed. We have seen a noticeable, if modest, uptick in orders in our UK Horizontal business, reflecting what we believe to be the early stages of recovery in the construction market. We have also seen strong growth in Latin America. Our European business remains challenging, with subdued demand continuing to affect several key geographies.

Our newly created North American operation is making progress, with installer-generated revenues ahead of last year. Sales of the Self Retracting Lifeline ("SRL") and Personal Rescue Device have been affected by destocking at our largest customer, although we expect this to improve later in the year. The first models in our newly designed SRL range are expected to commence production around the half year end, which will generate improved revenues and margins for this product range in due course.

We have seen a robust performance from the Wingrip product line, whilst Vertical revenues are also showing an encouraging trend.

Four months into the financial year, our view on the year as a whole remains unchanged. The strength of Sterling against both Euro and US Dollar has impacted margins, adding an unwelcome degree of uncertainty. Our balance sheet and cash generation remain strong and we continue to build our pipeline of prospective business worldwide.

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