14 May 2014 10:45
Tex Holdings plc
Tex Holdings plc is today issuing its Interim Management Statement for the trading period to 31st March 2014.
The trading year has opened in line with management's internal expectations and is an improvement on the first quarter last year as a result of the problematical ATC project drawing to a close. The order book has reduced, as although the level of enquiries has been maintained, the pace of conversion into orders has slowed.
The Plastics Division continues to suffer from fluctuations in orders leading to shorter lead times which incur higher costs. Management continues to control costs in line with delivery requirements.
BSP International Foundations and Tex Engineering are trading ahead of our expectations, but Eurotex International has been impacted by delays in projects as a result of a client temporarily deferring maintenance on two vessels.
The ATC Division has now installed the first flying control room for the Aircraft Carrier project and is due to be glazing the control room in the third quarter. The Company will shortly complete the Muscat control room project. There are a number of live tenders for control rooms that are expected to be closed shortly.
Boards & Panels is trading above the expectations in the budget as a result of the small upturn in the leisure vehicle market and the on-going project with Karndean.
Outlook
Whilst recognising the current trading uncertainties world-wide, the Board is cautiously optimistic for the remainder of the year and the business is being managed in order to mitigate commercial risk.