AGM Statement
16 9월 2010 - 8:25PM
UK Regulatory
TIDMAPG
RNS Number : 8126S
Airsprung Group PLC
16 September 2010
AIRSPRUNG GROUP PLC
("the Group")
ANNUAL GENERAL MEETING, 16 SEPTEMBER 2010
The Chairman will make the following trading statement at the Annual General
Meeting to be held today, Thursday 16 September 2010 at 12.30pm.
'In my statement at the end of June, I reported that many of our retail
customers were experiencing a slowdown in trading activity. A snowbound January
period was followed by overstocking in the retail sector and weak economic
activity during the general election campaign.
Since the election, it has become apparent that the proposed increases in direct
and indirect taxation, and reductions in various benefits and allowances, are
creating pressure on disposable incomes among our consumer franchise. The effect
has been felt by us in the last quarter, particularly in our mass-market
Airsprung Beds business, where sales are slightly lower than last year.
Despite this difficult background, we are able to report positive news on market
development. We have agreed improved terms to our licensing agreement in the USA
which will bring extra profits into the Group. Similarly, in the UK, we have
granted a licensing agreement for the use of the Airsprung brand on pillows,
duvets and other bedding products, which will create a further new earnings
stream. Our plans to develop the mid-market bed sector are also making steady
progress and new tranches of business have been secured. Our management teams
have continued to find scope for further savings both in purchasing and
internally.
Taking all these factors together, we expect the first half year will produce a
reasonable level of profits, though a little short of last year. We currently
expect a steady profit performance during the second half year, leading to a
satisfactory outturn for the full year.'
Stuart Lyons
For further information, please contact:
Airsprung 01225 779114
Tony Lisanti, Chief Executive
finnCap 020 7600 1658
Marc Young/ Charlotte Stranner (Corporate Finance)
Simon Starr (Corporate Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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