Worthington Grp Regulatory News (WRN)

5 Feb 2009 14:25



Worthington Group plc

Interim Management Statement 

Worthington Group plc provides an Interim Management Statement for the period from to 31 December 2008, as required by the revised UK Listing Authority's Disclosure and Transparency Rules.

Head office rental receipts and costs are in line with expectations during this quarter. However, the trading results from our associate company - Trimmings by Design Limited - has not unsurprisingly deteriorated and have registered a loss in the quarter, of which £40,000 is attributable to us. This represents an accounting loss only and does not affect our cash position. 

Pension returns excluding property investments for the quarter were marginally positive in the period and broadly in line with the benchmark returns sought.

We had been in discussions for some months with a third party who was seeking to merge its business with ours. These negotiations were reaching the final stages when the estimated charges for professional advisors to carry out the transaction became so burdensome as to make it not cost effective. These negotiations have now been terminated.

As I have said previously our cash is proving to be a magnet for potential deals - and that still remains the position today.

J C Dwek CBE

Chairman

5 February 2009