Trading update (4721P)
04 Octubre 2011 - 1:00AM
UK Regulatory
TIDMAMR
RNS Number : 4721P
Armour Group PLC
04 October 2011
Armour Group plc ("Armour" or the "Group")
Year End Trading Update
Armour, the UK's leading consumer electronics group focused on
the in-car communications and entertainment and home entertainment
markets, today issues the following trading update:
The Group loss before tax and exceptional items for the year to
31 August 2011 is anticipated to be in line with current market
expectations. Net debt at 31 August 2011 was better than market
expectations and the Group is trading comfortably within its
available funding facilities.
The results for the year reflect the very testing retail
environment from which a large proportion of the Group's revenue is
generated, particularly within Armour Home. In response to the weak
trading conditions during 2011, the Group has reduced its annual
operating costs by in excess of GBP2.5m and restructured the Armour
Home division, consolidating the two operating businesses into a
single trading entity. The restructuring of Armour Home is now
substantially complete and has repositioned the division with a
significantly lower cost base.
The Group's automotive division, Armour Automotive, has
recovered strongly over the course of the year with profits well
ahead of the prior year. Whilst Armour Automotive's retail sales
have been impacted by the consumer slowdown, this has been more
than offset by sales growth in the division's non-retail
operations, which primarily supply in-vehicle audio systems into
the agricultural vehicle market and GSM/GPS antennae for commercial
applications.
Notwithstanding the difficult trading conditions and the recent
restructuring within the home division, the Group continues to
launch class leading products. The most recent of these are two new
speaker ranges from Q Acoustics, Q7000 and Q2000i, both of which
will be officially launched in the next month and have already
received excellent reviews from the consumer press. Product
innovation remains a fundamental part of the Group's strategy and
its drive for future growth, with further important new product
launches scheduled over the next six months.
The economic outlook remains very uncertain. However, the Group
has taken the appropriate steps to re-size its business operations
in light of the changing requirements of markets that it serves.
The Board believes that the steps taken will return the Group to
operating profit in 2012 and it is well positioned to take
advantage of any consumer recovery in the future.
The preliminary announcement of the results for the year ended
31 August 2011 is expected to be made in early December 2011.
4 October 2011
Further Details:
George Dexter Armour Group plc Tel: 01892 502700
John Harris
Geoff Nash FinnCap Tel: 020 7600 1658
Stephen Norcross (Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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