Mpac Group Plc Regulatory News (MPAC)

24 Apr 2009 14:00



MOLINS PLC 

Interim Management Statement - Quarter 1 2009

Molins PLC, the international specialist engineering group, is holding its Annual General Meeting today. This statement is issued in accordance with the UK Listing Authority's Disclosure and Transparency Rules and relates to the period from 1 January 2009, the start of the Company's financial year.

Sales in the first quarter of the year were in line with internal plans and at similar levels to the equivalent period in the prior year.  The operating performance of the Group also met the board's expectations in the first quarter.

Order intake overall is ahead of the comparable period last year but it is apparent that, particularly within the Packaging Machinery division, customers continue to defer purchasing decisions. The board's expectations of Group performance in the year have not changed since the publication of the annual report in February 2009. 

The financial position of the Group is broadly comparable with that at 31 December 2008.  The balance sheet includes the valuation of the UK defined benefit pension scheme which by its nature is prone to potentially significant changes driven by factors outside the control of the Company. A formal actuarial valuation of the scheme is due to be carried out as at 30 June 2009 which, when completed and agreed, will set the funding requirements.