ROM Romag

 

TIDMROM 
 
RNS Number : 3014R 
Romag Holdings PLC 
19 August 2010 
 

 
 
 
 
                               Romag Holdings plc 
                           ("Romag" or the "Company") 
 
                                 Trading Update 
 
 
 
 
Since the announcement of our interim results at the end of May, some disruption 
caused by the death in June of the Company's chief executive, Lyn Miles, has 
been exacerbated by delays in the supply to the Company of certain key materials 
resulting in a disappointing trading performance.  Also, the lack of credit 
insurance and funding available to certain customers has delayed sales to those 
customers until they have had sufficient funds on hand to pay Romag for goods 
they have ordered. 
 
In addition, it has become evident that erosion in pricing in the photovoltaic 
("pv") market, particularly in standard pv modules, will result in Romag having 
to write down certain inventories to current net realisable value in the current 
financial year (ending 30 September 2010).  The potential extent of this 
write-down is currently under review. 
 
The directors expect the impact of these factors to lead Romag to report a loss 
for the current financial year.  A further update on trading will be provided 
around the year end. 
 
The directors remain very positive about the outlook for the Company.  The order 
book currently stands at cGBP16 million, including the contract with Community 
Energy Solutions announced in June, and enquiries are at a high level, driven by 
the recent introduction of the feed-in-tariff scheme for renewable energy 
projects in the UK. 
 
 
 
 
Enquiries: 
 
+----------------------+-------------------------+--------------+ 
| Romag Holdings plc   | John Kennair MBE,       | T: 01207 500 | 
|                      | Chairman                | 000          | 
|                      | David Banks, Finance    |              | 
|                      | Director                |              | 
|                      |                         |              | 
+----------------------+-------------------------+--------------+ 
| Arbuthnot Securities | Tom Griffiths           | T: 020 7012  | 
|                      | Antonio Bossi           | 2000         | 
|                      |                         |              | 
+----------------------+-------------------------+--------------+ 
| Kreab Gavin Anderson | Ken Cronin              | T: 020 7074  | 
| & Co.                | Michael Turner          | 1800         | 
+----------------------+-------------------------+--------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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