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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 GroupĀ trading has remained subdued.
Within the PlasticsĀ DivisionĀ there has been anĀ 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 aĀ level that can be supported onĀ currentĀ trading levels.
Within the EngineeringĀ Division,Ā BSP InternationalĀ FoundationsĀ continues to be busy, but there has been a slowing in enquiry levels.
Tex EngineeringĀ benefited fromĀ aĀ large order in the first half, the third quarter has reflectedĀ aĀ slowdown inĀ customerĀ demand.Ā Overheads have been reduced to a level it is considered will be supported by theĀ anticipated ongoingĀ demand levels.
The remaining subsidiaries in the EngineeringĀ DivisionĀ continue to trade at modest levels.
The Boards and PanelsĀ DivisionĀ continues to suffer fromĀ a reduced levelĀ of business from a major customer. Further cost reduction measures are being planned.
Outlook
The Board considersĀ the economic outlook remains bleak.Ā As last year,Ā the EngineeringĀ DivisionĀ is supporting the Group's result for the yearĀ and the Group benefits from the stability of having a diverse business portfolio.
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