24 Sep 2019 14:28
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014 ("MAR"). Upon the publication of this announcement via a regulatory information service, this information is now considered to be in the public domain.
Tex Holdings plc ('the Group' or 'the Company') makes this announcement in order to provide an update on the status of its auditors and a trading update for the current financial year.
The Company is pleased to announce the appointment of Price Bailey LLP as auditors of Tex Holdings plc with immediate effect.
Tex ATC Division has experienced an upturn in trading, following the receipt of funds in respect of delayed contracts to supply five air traffic control rooms to various airports in Nigeria. Tex ATC Division also continues to support the Aircraft Carrier Alliance in the successful commissioning of HMS Prince of Wales and a letter of credit has been received in respect of the supply of glass and wipers for an Aircraft Carrier for a Sovereign Navy.
The Plastics Division continues to trade successfully, maintaining previous performance levels.
Within QK Honeycomb Products, the new edge forming machine has been successfully installed and commissioned in the purpose-built building in Brigg. Training of operators is currently being undertaken and we expect to commence volume production in October 2019.
Eurotex has a contract for a major engine overhaul for a Middle Eastern Navy and continues with contracts supporting the Royal Navy in the UK.
G&M TEX results reflect a significant improvement on 2018, with a current order book in excess of £2 million. They have recently been advised that the USN has issued a letter of intent to purchase four further emergency generator sets following the successful supply of a unit this year.
BSP International Foundations and Tex Engineering are trading as expected, following a recent cost reduction exercise.
In summary, the Board is pleased to announce that the Group currently has a record order book in excess of £12 million, part of which will be delivered in 2020. The Board remains confident in the ongoing trading performance of the Group.
Enquiries: C.A. Parker, Company Secretary
01473-830144
24th September 2019