6 Nov 2013 15:03
Tex Holdings plc
Tex Holdings plc is today issuing its Interim Management Statement for the trading to 30th September 2013.
Turnover has remained on a par with management's expectations, however the profit performance for the period has been adversely impacted by the under performance of the Group's contracting subsidiaries.
The Plastics Division has seen a softening of the order book, but remains on target to generate a profit for the year.
Within the Engineering Division, BSP International Foundations has successfully launched the 40 tonne hammer and the first hammer is currently on hire. Eurotex International opened the year in line with internal expectations, however recent order intakes have fallen and trading conditions have softened. Tex Engineering has not suffered in the same way it did last year and is currently on target to achieve its budgeted profit. The ATC Division continues with the Aircraft Carrier project, but this year's results will be impacted by late running Air Traffic Control Room projects.
Boards & Panels remain on target to achieve its budgeted result.
Outlook
The anticipated profit for the year will be negatively impacted by revisions to the accounting for the notional interest on the Pension Scheme deficit. Nonetheless management anticipates a satisfactory full year profit.
With many uncertainties world-wide and at home, the Board remains cautious.
6th November 2013