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Year End Trading Update

12 Sep 2013 07:00

RNS Number : 7820N
Armour Group PLC
12 September 2013
 



12 September 2013

Armour Group plc

("Armour" or the "Group")

Year End Trading Update

 

Armour, the UK's leading consumer electronics group focused on the in-car communications and entertainment and home entertainment markets, today issues a positive trading update following its year end.

 

The Board is pleased to report that the Group has returned to profit after a challenging two years. Profit before interest and tax for the year to 31 August 2013 is anticipated to be in-line with the market expectation of £0.6m, compared to an underlying loss of £1.2m last year. Net debt at 31 August 2013 is also expected to be in-line with market expectation and the Group continues to trade comfortably within its available funding facilities.

 

The results for the year reflect the benefits of the restructuring undertaken by the Group over the past two years. All of the operating businesses made encouraging progress with Armour Automotive increasing profits, Armour Home returning to profit and Armour Asia now approaching breakeven. The largest improvement has come from Armour Home, which has achieved a significant turnaround on the 2012 performance.

 

Group sales have declined on the prior year principally due to the more challenging conditions in our UK markets. However, we have continued to invest heavily in new product development and this, coupled with an improving wider economic environment and more encouraging signs of a sustained UK recovery, makes the outlook for our UK generated revenue more positive over the next 12 months. Internationally, the Group has experienced good sales growth, reflecting the additional investment and focus on developing our international business. It is anticipated that this growth will continue over the forthcoming year with further investment planned.

 

The Group's recovery is on course and progressing as expected. The Board believes that its strategy is correct and that any sustained recovery in the UK economy will in turn build consumer confidence and further enhance the Group's growth prospects.

 

The preliminary announcement of the results for the year ended 31 August 2013 is expected to be released in mid-December 2013.

 

Further Details:

Armour Group plc Tel: 01892 502700

George Dexter

John Harris

 

finnCap Nominated Adviser and Broker Tel: 0207 220 0500

Geoff Nash

Ben Thompson

Stephen Norcross (Sales)

 

Newgate Threadneede Tel: 0207 653 9850

Graham Herring

Robyn McConnachie

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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