Last checked at 22 Jun 2010 07:00
MOLINS PLC
Pre-Close Trading Update
Molins PLC, the international specialist engineering company, issues the following trading update ahead of its interim results announcement in August 2010.
Order intake remains behind that of the comparable period last year. Until now the shortfall had been in respect of orders which were expected in the current year. However, the board is now aware that some of those prospective orders are unlikely to be received, and others have been further delayed, such that current year sales are now expected to be lower than the board's previous expectations.
Additionally, in the first half a sales contract being undertaken within the Packaging Machinery division which commenced in 2009 and proved more technically challenging than expected, has incurred significant further costs which will not be recovered.
As a result the board's current expectation of Group underlying performance in the full year is lower than previously. In addition, it is expected that some reorganisation will take place in a number of locations as a consequence of the lower activity.
Enquiries: Molins PLC Citigate Dewe Rogerson
Tel: 01908 246870 Tel: 020 7638 9571
Dick Hunter, Chief Executive Angharad Couch
David Cowen, Group Finance Director