OneView Group Regulatory News (ONEV)

28 Jan 2010 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 has made a good start to the new financial year with both sales and operating profits being well up on last year after the first four months to 31 December 2009.

However, the poor weather conditions at the beginning of January in the UK have caused severe disruption to the Group's operations. Whilst weather conditions have improved, the resulting congestion in our supply chain, particularly at the UK ports, is likely to continue to impact our trading until the end of February 2010 at which time the backlog of inbound containers is expected to have cleared.

Our markets have shown steady improvement over the past six months and the new products launched in the run up to Christmas, particularly our QTV flat screen sound system, have performed well and exceeded our expectations. In January, the Group exhibited for the first time at the Consumer Electronics Show in Las Vegas. The response to our new innovative products on display was very encouraging with considerable interest from a number of potentially large customers in North America.

We are conscious that the economic recovery remains fragile and there continues to be considerable caution within our customers in our core markets of retail, house building and automotive.  However, we do expect the recovery in these markets to progress over the coming months, albeit on a tentative basis, with the Group positioned to benefit from the improvement, enhanced by the new products we will be launching through course of 2010. Overall, the Board's outlook remains cautiously optimistic and despite the disruption caused by the January weather, we expect to meet the current market expectations for our financial year to 31 August 2010."

Further Details: 

George Dexter Armour Group PLC Tel:  01892 502700

John Harris

Geoff Nash FinnCap Tel: 020 7600 1658

Stephen Norcross (broking)

Trevor Bass Threadneedle Communications Tel: 020 7653 9850

28 January 2010