24 Apr 2009 17:46
Tex Holdings plc
Interim Management Statement
2008 results and Chairman's statement follow.
Tex Holdings plc is today issuing its Interim Management Statement for the opening months trading.
The Group traded in line with the expectations based on the order book on hand at the start of the year.
Within the Plastics Division, the opening months of 2009 have been slow, with short time working being introduced at the Derby operation. There have been losses of business, but these have been covered by new business gains including some moulding work returning from the Far East. The market uncertainty continues to be a concern.
In the Engineering Division, BSP and Tex Engineering have opened soundly on the back of the strong opening order book. In the current economic climate it is the second half's trading that is uncertain.
Tex A.T.C. Services has two projects in progress that should underwrite this year's performance and the enquiry pipeline continues to be maintained.
The Boards and Panels Division has started 2009 in line with expectations, following the reduction in turnover in 2008 and the associated costs of reorganisation.
Outlook
As noted above the year has opened in line with expectations in the current economic climate. The performance in the second half is dependent on the current economic cycle. Enquiry levels have remained sound, but the decisions to convert the enquiry to orders continue to be deferred.
AGM
The Group's Annual General Meeting will be held on 15th June 2009 in Claydon.