LTC.L Regulatory News (LTC)

6 Feb 2008 07:01

Latchways PLC06 February 2008 Latchways plc Interim Management Statement In accordance with the UK Listing Authority's Disclosure and Transparency rules,Latchways plc announces its interim management statement in respect of theperiod 1 October 2007 to 1 February 2008 inclusive. Update on Trading The success that Latchways reported in our Interim Report in November hascontinued into the final quarter with business remaining strong in all ourprincipal products and services. In our smallest division, Specialist Fixings,the second half recovery, although positive, has been slower than we would haveliked. The board remains confident of reporting overall group performance for the fullyear in line with market expectations. In the UK and Europe, levels of enquiries, requests for specification andquotations have never been higher. The conversion rate is also at a new high,which, given the general economic climate, is very positive. Sales in the UK,the rest of Europe and North America are all ahead of last year. Our vertical systems, which are sold to the electricity and telecom industries,continue to be rolled out by a number of major utility companies. We are alsoseeing additional benefit from the increased focus on wind generation and theneed to protect workers on wind turbines. Initial sales of our new Self Retracting Lifeline range have been encouraging.Whilst this will contribute little to the current year's earnings we areconfident that the range will make a significant contribution next year. Our new walkway product which we acquired earlier in the year is performing alittle ahead of our expectations and will continue to add to our growth nextyear. The walkway range is complementary to our existing product range and hasbeen well received in the market. The current year has seen significant challenges due to the volatility of rawmaterial and currency markets. The continuing success of the underlyingLatchways business in the face of these challenges provides further evidence ofthe strength of the business model. Enquiries: Latchways plc Threadneedle CommunicationsDavid Hearson, Chief Executive Graham HerringRex Orton, Financial Director Tel: 020 7936 9605Tel: 01380 732700 This information is provided by RNS The company news service from the London Stock Exchange