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27 Nov 2009 15:48
27 November 2009 Garner Plc ("Garner" or the "Group") Trading Statement
In the announcement of the interim results to 30 June 2009 on 30 September 2009, the Group noted that trading in the first twelve months following the acquisition of Norman Broadbent will be worse than Garner could have originally anticipated. This was the result of the rapid and unexpected deterioration in the economy at the start of this year. The Group also announced that working capital had been severely squeezed as a result of the fallen revenues.
The Board is pleased to report that trading conditions have improved in the second half, the order book for the first quarter of 2010 has grown and Norman Broadbent has won `preferred provider' status with several major FTSE companies. In addition, the cost cutting undertaken in the first half has resulted in the Group being able to trade profitably on a monthly basis, with the further benefit that cash outflows experienced earlier this year have been stemmed in recent months.
Despite this recent improvement, the Group's working capital position remains severely constrained. The Group is negotiating the payment of significant Crown liabilities and the raising of additional funding to fulfil this requirement remains a matter of priority for the Group.
The Group will continue to update shareholders as to its situation as appropriate.
For further information, please contact:
Andrew Garner, Chairman Garner Plc 020 7629 8822 Lindsay Mair, Antony Legge Dowgate Capital Advisors 020 7448 4400
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