Last checked at 26 Apr 2012 12:31
MOLINS
FOR IMMEDIATE RELEASE 26 April 2012
MOLINS PLC INTERIM MANAGEMENT STATEMENT
Molins, PLC, the international specialist engineering group, is holding its Annual General Meeting today and is issuing its interim management statement covering the period from 1 January 2012, the start of the Company's financial year, to date.
Order Intake in each of the Group's three divisions is ahead of the same period last year. Sales in the first part of the year are at broadly similar levels to last year and are in line with internal plans. Performance has also been broadly in line with expectations to date. As previously stated, the Group tends to perform more strongly in the second half of the year and this is still expected to be particularly pronounced this year.
The Food & Drug Administration, which regulates tobacco products in the USA, published draft guidance at the end of March 2012, with a 60 day period for comment, setting out its reporting requirements for tobacco products for 2012 and the early part of 2013- The Group has continued to invest in its laboratory capabilities in order to meet prospective growth in activity levels, which brings with it a cost in the short-term, but also a strong commercial opportunity. The board continues to anticipate a small degree of activity increase in the Scientific Services division in the second half of the year sufficient to absorb the increased costs and the business will continue to respond to the market opportunity as it develops.
The board's expectation of Group performance in the year remains unchanged. There has been no significant change in the financial position of the Group since 31 December 2011.
Enquiries:
Molins PLC Canaccord Genuity
Tel; 0*908 246870 Tel; 020 7523 8350
Dick Hunter, Chief Executive Bruce Garrow
David Cowen, Group Finance Director