Last checked at 10 Feb 2010 10:41
Worthington Group plc
Interim Management Statement
Worthington Group plc provides an Interim Management Statement for the period from 1 October 2009 to the date of this announcement, as required by the UK Listing Authority's Disclosure and Transparency Rules.
Head office rental receipts and costs are in line with expectations during the period. Interest receipts have been favourable with the completion and repayment of one bridging loan in November together with the commencement of a new bridging loan in excess of £650,000, secured by a first charge on property.
Trimmings by Design Limited our associate company continues to trade at a loss. This represents an accounting loss only and does not affect our cash position.
Pension fund returns for the quarter to 31 December 2009 in respect of the property investments were ahead of benchmark returns whilst the rest of the investment portfolios have been broadly in line with the benchmark returns sought.
The property at Keighley continues to be well let although there is no further progress to report as regards redevelopment plans.
We continue to seek suitable investments for the business and in the meantime plan to continue to lend out the cash on short term bridging loans at favourable interest rates.
Enquiries:
Joe Dwek CBE, Chairman
Worthington Group plc
Tel: 01625 549082
Website: www.worthingtongroupplc.co.uk
10 February 2010