16 Nov 2009 10:27
Tex Holdings plc
Tex Holdings plc is today issuing its Interim Management Statement for the third quarter's trading.
The Group trading has remained subdued.
Within the Plastics Division there has been an improvement in the trading profit in recent months, however to achieve this there have had to be sacrifices. It is now felt that the overhead base is at a level that can be supported on current trading levels.
Within the Engineering Division, BSP International Foundations continues to be busy, but there has been a slowing in enquiry levels.
Tex Engineering benefited from a large order in the first half, the third quarter has reflected a slowdown in customer demand. Overheads have been reduced to a level it is considered will be supported by the anticipated ongoing demand levels.
The remaining subsidiaries in the Engineering Division continue to trade at modest levels.
The Boards and Panels Division continues to suffer from a reduced level of business from a major customer. Further cost reduction measures are being planned.
Outlook
The Board considers the economic outlook remains bleak. As last year, the Engineering Division is supporting the Group's result for the year and the Group benefits from the stability of having a diverse business portfolio.