OneView Group Regulatory News (ONEV)

29 Jan 2009 07:00

Armour Group plc ("Armour" or the "Group")

AGM Statement

Armour Group plc, the UK's leading consumer electronics group focused on the in-car communication and entertainment and home entertainment markets is holding its Annual General Meeting at 12.00 today. George Dexter, Chief Executive, will make the following statement:-

"I am pleased to report that the Group and all of its operations have traded profitably over the first four months of the new financial year.

We are finding our market conditions challenging and volatile, accordingly we have adapted our operating plan to protect profitability whilst maintaining our competitiveness and market leading position. The actions taken across the Group have focused on a programme of product price increases and cost reduction initiatives, including redundancies.

We continue to invest in new product development and have a number of new product launches scheduled throughout this year. The new products drive sales and will be an important element in determining the speed of our recovery when the economic conditions improve.

Whilst trading conditions are tough, there are still opportunities for the Group and since the start of the new financial year both our operating divisions have secured new contract wins and product distribution agreements. We expect that with the continuing turbulence in our market place, there will be further opportunities to increase our market share and broaden our product portfolio as the year progresses.

The Group has responded to the economic circumstances in a responsible and planned manner. We believe that the actions taken will keep the Group profitable and the Board remains confident that the Group has the right business model and the capability to ride through these troubled times and to prosper when the recovery occurs."

Further Details: 

George Dexter Armour Group PLC Tel:  01892 502700

John Harris

Geoff Nash FinnCap Tel: 020 7600 1658

Trevor Bass Threadneedle Communications Tel: 020 7936 9666

29 January 2009