Pressfit Holdings PLC Trading Update (9278U)
21 Octubre 2014 - 10:36AM
UK Regulatory
TIDMPFIT
RNS Number : 9278U
Pressfit Holdings PLC
21 October 2014
21 October 2014
Pressfit Holdings plc
("Pressfit Holdings", the "Company" or the "Pressfit Group")
Trading Update
The Board of Pressfit Holdings plc (AIM: PFIT), a manufacturer
and distributor of stainless and carbon steel pipe connectors, has
been informed by the AMCO Group (as defined in the Company's
admission document), that the AMCO Group no longer expects to be
able to place orders to the value of GBP1.5m during 2014, as
anticipated at the time of the Company's Admission to AIM. Orders
are beginning to come through from the AMCO Group, but the timing
has been delayed owing, in part, to seasonal demand patterns for
piping products.
The AMCO Group expects to place at least GBP200,000 worth of
orders with Pressfit Holdings in the coming two months and has
confirmed to the Company that any shortfall in orders placed during
2014 is expected to be covered by the end of June 2015.
The AMCO Group and the Company are in close regular contact and
while the Company's Directors are disappointed that the anticipated
level of AMCO Group orders will not be achieved in 2014, AMCO has
reiterated its commitment to fulfil its obligations as stated in
the Partnership Agreements entered into between members of the AMCO
Group and the Pressfit Group, and will continue to support the
Company's operations and sales initiatives in the foreseeable
future.
The Board remains confident that the Company will drive
shareholder value through future orders from the AMCO Group and
other existing and potential customers in Europe and in China.
Further announcements will be made as and when appropriate.
Enquiries:
Pressfit Holdings plc
Chiu Yung Kit (Henry Chiu) +852 2207 0235
Daniel Stewart & Company Plc (Nominated Adviser)
Paul Shackleton / Alex Brearley +44 (0) 207 776 6550
Daniel Stewart & Company Plc (Broker)
Martin Lampshire +44 (0) 207 776 6550
First City Public Relations
Allan Piper +852 2854 2666
About Pressfit Holdings plc.
Pressfit Holdings is engaged in the manufacture and distribution
of stainless and carbon steel pressfittings for use within
industrial and residential piping systems. Pressfitting is a method
of mechanically joining metal pipes to a connector, to create a
reliable sealed joint. Pressfit Holdings, through its wholly-owned
subsidiaries (collectively the "Group"), uses bespoke tooling to
manufacture high-precision, thin-walled pipe connectors for supply
to the European, Asian and Chinese markets. The Group's management
and sales functions operate from Hong Kong. The Group's
manufacturing unit is a production line facility in nearby Zhuhai,
within Guangdong province in China.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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