Mpac Group Plc Regulatory News (MPAC)

25 Apr 2008 13:54

Molins PLC25 April 2008 MOLINS PLC Interim Management Statement - Quarter 1 2008 Molins PLC, the international specialist engineering group, is holding itsAnnual General Meeting today. This statement is its first Interim ManagementStatement, issued in accordance with the UK Listing Authority's Disclosure andTransparency Rules and relates to the period from 1 January 2008, the start ofthe Company's financial year. Sales in the first quarter of the year were in line with internal plans andoverall were marginally ahead of the equivalent period in the prior year. Theoperating performance of the Group broadly matched the board's expectations inthe first quarter. However, within the Packaging Machinery division the uncertain economicconditions in North America and Europe are resulting in weakness in short andmedium term order prospects. Also, Arista Laboratories, part of the Scientific Services division, hasrecently been informed by a major customer of its decision to in-source part ofits testing programme in order to utilise better its own internal laboratory.This will impact Arista's performance in the year, although we still expect thebusiness to perform more strongly than in the previous year. Medium termprospects in this business remain positive, in particular in view of prospectivelegislation in the United States. The financial position of the Group is broadly comparable with that at 31December 2007. The balance sheet includes the valuation of the UK definedbenefit scheme, which is by its nature prone to potentially quite large changes,dependant on factors outside the control of the Company. As expected and inline with the usual cash flow pattern of the Group, net debt has increased inthe period since the year end. At 31 March 2008 net debt was £9.4m (31 December2007: £7.6m). The Company posted a circular to shareholders on 29 February 2008, seekingapproval for the grant of an option to e-shelter facility services GmbH topurchase the Saunderton site on or before 3 October 2008 for a cashconsideration of £17.5m. Shareholder approval for this option was obtained at ageneral meeting of the Company on 18 March 2008. The Company and e-sheltertogether made a planning application for the development of the site on 18 March2008. Enquiries: Molins PLC Issued by: Citigate Dewe RogersonTel: 01908 219000 Tel: 020 7638 9571Dick Hunter, Chief Executive Sara Batchelor, Angharad CouchDavid Cowen, Group Finance Director This information is provided by RNS The company news service from the London Stock Exchange