QLC Qualceram

 

TIDMQLC 
 
RNS Number : 8909M 
Qualceram Shires PLC 
06 February 2009 
 

 
 
Qualceram Shires plc 
Updating Statement 
 
 
Dublin, London 6 February 2009: Qualceram Shires plc ("Qualceram Shires" or the 
"Group"), a manufacturer and distributor of a wide range of bathroom products 
today issued an updating statement on market conditions. 
 
 
Market Conditions 
 
 
The Group confirmed in the Interim Management Statement issued on 14 November 
2008 that its trading performance is being adversely affected by the 
unprecedented slow-down in the property market and the deepening economic 
downturn in Ireland and in the UK. Ongoing negative consumer sentiment and the 
lack of availability of mortgage finance continues to impact unfavourably on the 
Group's markets and financial performance. 
 
 
Since the Interim Management Statement market conditions have continued to 
deteriorate in the Group's main markets, with turnover in the period (November 
2008 to January 2009) some 35% behind the corresponding period in 2007-08. 
 
 
Actions being taken 
 
 
Negotiations are continuing with the Group's main landlord in relation to the 
disposal of surplus properties occupied by the Group and in relation to the 
Group's request for a waiver by the landlord of the breach of property related 
covenants that has occurred (and for a waiver by the landlord of its right to 
call in the letters of credit - in the sum of approximately EUR2.6 million - which 
secure these covenants). These negotiations incorporate continuing discussions 
with the Group's bankers which is the issuing bank for these letters of credit. 
 
 
In common with most companies which operate a defined benefit pension scheme, 
equity performance over the past twelve months has had an adverse impact on fund 
performance. Whilst the exact impact on the Group's results are yet to be 
finalised, discussions are continuing with the trustees of the pension scheme in 
the United Kingdom in relation to the ongoing funding requirements of the UK 
pension scheme. 
 
 
The Group will provide a further update on the above negotiations, as and when 
appropriate, and will release Preliminary Results for the year ended 31 December 
2008 on 27 February 2009. 
 
 
Ends 
 
 
Issued on behalf of Qualceram Shires plc by Drury Communications. Contact Paddy 
Hughes / Myra McAuliffe at + 00 353 1 260 5000 
 
 
Notes to Editors 
 
 
Qualceram Shires plc is a leading manufacturer, marketer and distributor of a 
wide range of bathroom suites through five principal brands, namely Qualceram, 
Shires, Shaws of Darwen, Selecta and Trent. The Qualceram brand offers a diverse 
and comprehensive range of traditional and contemporary bathroom 
products. Shires has been one of the leading brands in the United Kingdom and 
Ireland for over half a century. The Group's Selecta brand is regarded for its 
range of showering products, most notably for its high standards of quality and 
choice. Established in 1897, Shaws of Darwen produces a unique product set of 
handmade fireclay sinks, and over 100 years old, the Trent brand maintains 
bathroom suite designs of every era, from early Victorian times through to 
today. With leading market positions in Ireland and the UK, coupled with 
increasing access to other international markets the Group's strategy is to 
increase market share in the luxury end of the bathroom products sector by 
offering a complete package of branded products, supported by superior customer 
service. 
www.qualceram-shires.com 
 
 
. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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