Company Update
26 Enero 2010 - 6:12AM
UK Regulatory
TIDMDYS
RNS Number : 1376G
Dyson Group PLC
26 January 2010
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| 26 January 2010 |
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Dyson Group Plc
("Dyson" or "the Company")
UPDATE ON DIALOGUE WITH BANKS
UPDATE ON COMPANY ACCOUNTS
TRADING UPDATE
AND
BOARD UPDATE
KEY POINTS
* Significant progress made in ongoing negotiations with banks and key
stakeholders towards agreeing a solvent debt and capital restructuring of the
Company.
* Encouraging trading momentum over the last three months within Saffil, the
Group's principal remaining operating business.
* Operational restructuring of the business progressing well.
* Julian Cooper to join the Board as Interim Chief Executive Officer.
* Resignation of Dr. Krishnamurthy Rajagopal as Non-Executive Director.
Commenting on today's developments, Christopher Honeyborne, Group
Chairman, said:
"Significant progress has been made in our ongoing negotiations with the
Company's banks and other key stakeholders towards agreeing a solvent debt and
capital
restructuring of the Company. The Board intends to write to
shareholders with a set of proposals when detailed terms have been agreed.
"At the same time the operational restructuring of the Group is progressing
well. Trading within Saffil has now started to show clear signs of improvement
which is particularly pleasing and testament to the real strengths of that
business.
"I would also like to take the opportunity to thank Dr. Krishnamurthy (Raj)
Rajagopal who has today stepped down from the Board. Raj has been with Dyson
since 2007 and the Board has valued his guidance during a very challenging time
for the Company."
For further enquiries, please contact:
Dyson Group plc
Christopher Honeyborne, Chairman Tel: 01439 771900
Julian Cooper, Interim CEO Tel: 0207 529 7820
Buchanan Communications Tel: 0207 466 5000
Charles Ryland
Catherine Breen
KBC Peel Hunt Tel: 020 7418 8900
Julian Blunt / Simon Brown (Corporate Finance)
Marianne Woods / Nicholas Marren (Corporate Broking)
UPDATE ON DIALOGUE WITH BANKS
The Company has been in extensive discussions with its banks and other key
stakeholders
and considered a range of options to reorganise its capital structure and reduce
net borrowings. The Company can confirm that significant progress has been made
in the ongoing negotiations towards agreeing a solvent debt and capital
restructuring of the Company. The Board intends to write to shareholders with a
set of proposals when detailed terms have been agreed.
UPDATE ON COMPANY ACCOUNTS
On 30 October 2009, the Company announced that it had changed its accounting
reference date from 31 March to 30 September. Accordingly, the 12 month
accounting period which would have ended on 31 March 2009 has been extended to
an 18 month accounting period ended on 30 September 2009.
On 30 October 2009, the Directors stated their intention to publish the audited
accounts for the 18 month period to 30 September 2009 on or before 31 January
2010. Due to delays in the negotiations with the banks, the Company will not now
be able to meet this deadline. However, the progress made in the ongoing
negotiations with banks and key stakeholders
means that the Directors now
anticipate that the Company will be in a position to publish the
audited accounts for the 18 month period to 30 September 2009 during April 2010,
subject to agreeing the detailed terms of the debt and capital restructuring.
TRADING UPDATE
The Group is executing an operational restructuring plan, whereby a number of
its non-core businesses and properties are to be sold or closed. This
restructuring has progressed well, with (as previously announced) both the
completion of a sale of the Kiln Furniture Business in Stoke to a Management
buyout team and the exchange of contracts to sell a number of agricultural
properties taking place during December. This restructuring process is expected
to be substantially complete by April 2010 at which point the Group will be
primarily focused on the Saffil business and a number of investment properties
with a substantially reduced cost base and a much simplified business structure.
The Saffil business has benefited from the recovery in global automotive markets
in recent months and has been awarded significant new Ecoflex business which is
expected to lead to further growth during 2010 and 2011. Saffil sales revenue in
the three months to December 2009 showed an increase of 18 per cent. on the
previous quarter and an increase of 35 per cent. on the same period in 2008. The
Saffil business headcount has been reduced by 38 per cent. over the last 15
months, which together with other cost management actions across the business
has resulted in overhead reductions of 21 per cent.
Notwithstanding continued margin pressure within the industry, the above factors
have led to significant improvements in profitability and cash generation in the
Saffil business and give cause for optimism on the future prospects for this
business.
BOARD UPDATE
The Company is pleased to announce the appointment to the Board of Julian Edward
Peregrine Cooper as Interim Chief Executive Officer. Mr. Cooper, aged 47, has
been acting as Interim Chief Executive since 22 October 2009 and as a consultant
to the Board since July 2009. Mr. Cooper is an ICAEW qualified chartered
accountant and former partner of Arthur Andersen. His experience of turnaround
situations and restructuring companies is ideally suited to Dyson's current
needs. Further details relating to Mr. Cooper as required by paragraph 9.6.13R
of the Listing Rules are set out below:
Mr. Cooper is a director of Ennstone plc, and was on the board when it entered
administration in March 2009.
Other than the information set out above, there are no other matters to be
disclosed in relation to Mr. Cooper under paragraph 9.6.13R of the Listing
Rules.
The Company also announces that Dr. Krishnamurthy Rajagopal has resigned from
the Board as a Non-Executive Director with immediate effect.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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