AGM Statement (3727W)
31 Enero 2012 - 1:00AM
UK Regulatory
TIDMAMR
RNS Number : 3727W
Armour Group PLC
31 January 2012
Armour Group plc ("Armour" or the "Group")
AGM Statement
Armour Group plc, the UK's leading consumer electronics group
focused on the in-car communication and entertainment and home
entertainment markets is holding its Annual General Meeting at
12.00 today. George Dexter, Chief Executive, will make the
following statement:-
"The start of the new financial year has remained challenging in
terms of sales in the core consumer facing markets served by the
Group. However, the actions taken by the Board in the last nine
months to lower the cost base, improve gross margin performance and
focus activities on the core brands has meant that the operating
result for the Group is much improved on the prior year.
Armour Home, which has felt the full force of the consumer
slowdown, has made good progress following its re-organisation last
year. The lower operating cost base combined with improving margins
and the launch of new products has significantly offset the impact
of falling sales volumes. Our expectation is that the Home division
will return to a profit in the second half of the year.
Armour Automotive has continued where it left off in 2011 with
further out-performance against both our expectations and the prior
year. Strong demand in the non-retail sales channels of commercial
and leisure vehicles and GPS/GSM antennae has delivered good year
on year growth in both sales and operating profits. The impending
launch of two significant new products combined with a growing
order book within our non-retail customer base supports our view
that Armour Automotive will deliver above average year on year
growth in 2012.
The economic outlook continues to be uncertain and our
expectation is that there will be little change in the conditions
in our core consumer facing markets for the rest of 2012. However,
the Group's trading performance is improving and our initiatives
with regard to cost control, margin improvement and brand focus are
all working and delivering meaningful results. Against this
backdrop, the Board continues to believe that the Group is well
positioned to take advantage of any consumer recovery as and when
it comes."
Further Details:
George Dexter Armour Group PLC Tel: 01892 502700
John Harris
Geoff Nash/Ben Thompson finnCap Tel: 020 7220 0500
Stephen Norcross (broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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