Mallett PLC Interim Management Statement (4012H)
19 Mayo 2014 - 1:00AM
UK Regulatory
TIDMMAE
RNS Number : 4012H
Mallett PLC
19 May 2014
Mallett PLC
Interim Management Statement
Mallett PLC ("Mallett" or the "Company"), the dealer in high
quality antique furniture and works of art, issues the following
interim management statement for the period from 1(st) January 2014
to 16(th) May 2014.
Current trading
Trading for the first four and a half months of the year has
been slower than we had anticipated with sales lower than for the
same period last year. We had a successful European Fine Art Fair
in Maastricht in March but otherwise trading has been relatively
quiet, which we believe has been the case for the decorative arts
market in general.
However, our trading pattern is becoming increasingly volatile
with periods of lower value trading followed by shorter vigorous
periods of premium trading. We are now approaching a potentially
stronger period of activity including the release of our Spring
catalogue, an exhibition of bronze sculptures by Ben Panting at Ely
House starting on 20(th) May and the Masterpiece fair in London at
the end of June. We will also shortly be going live with our
exciting new website which will become a key marketing and sales
tool expanding our reach around the globe.
Financial position
Our inventory level remains at a similar level to the start of
the year and we have a net cash position following the receipt of
proceeds from the sale of our freehold property in Clapham, London
in February. A resolution is being proposed at our AGM on 27(th)
May to pay a special dividend to shareholders of 12.7 pence per
share, to return the majority of the proceeds from the sale to
shareholders. If the resolution is passed, the dividend, totalling
GBP1.75m, will be paid on 13(th) June 2014.
For further information please contact:
Giles Hutchinson Smith, Chief Executive 020 7499 7411
Forward Looking Statements
This announcement may include "forward-looking statements". All
statements other than statements of historical facts included in
this announcement, including, without limitation, those regarding
the Company's financial position, business strategy, plans and
objectives of management for future operations (including
development plans and objectives relating to the Company's products
and services) are forward-looking statements. Forward-looking
statements are subject to risks and uncertainties and accordingly
the Company's actual future financial results and operational
performance may differ materially from the results and performance
expressed in, or implied by, the statements.
These forward-looking statements speak only as at the date of
this announcement. The Company expressly disclaims any obligation
or undertaking to update or revise any forward-looking statements
contained herein to reflect actual results or any change in the
assumptions, conditions or circumstances on which any such
statements are based unless required to do so by the Financial
Services and Markets Act 2000, the Listing Rules or Prospectus
Rules of the Financial Conduct Authority or other applicable laws,
regulations or rules.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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