RNSM Ransom(William)

 

TIDMRNSM 
 
RNS Number : 1052K 
Ransom(William) & Son PLC 
13 April 2010 
 

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| For Immediate Release            |                    13 April 2009 | 
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                            WILLIAM RANSOM & SON PLC 
                          ("Ransom" or "the Company") 
               Post Year End Trading Update and Debt Refinancing 
 
The Company's turnaround plan continues to make progress despite trading 
conditions remaining difficult throughout the final quarter. The Company expects 
to report a reduced underlying operating loss (before exceptional costs, non 
recurring items and goodwill impairment) for the year ended 31 March 2010 of 
approximately GBP0.5 million (2009: loss GBP1.9 million). This is due to a 
combination of improved performance of the Company's manufacturing divisions and 
cost reduction initiatives implemented by the Company partially offset by 
continued challenging market conditions and brand disposals. 
Exceptional costs, excluding goodwill impairment, gains on asset disposals, and 
finance costs for the year ended 31 March 2010, are expected to be approximately 
GBP1.1 million (2009: GBP1.8 million) reflecting the costs incurred in 
refinancing the Company's debt and the restructuring costs associated with the 
implementation of the Company's turnaround plan. 
During the last quarter the Company made disposals of Metanium, Manuka Gold, 
Medibee and Snufflebabe for a total of approximately GBP3.1 million. The 
proceeds of these disposals helped lower the Company's bank debt to GBP2.6m as 
at 31 March 2010 (2009: GBP3.8 million). 
 
The Board of Ransom is pleased to announce that the Company has reached a long 
term financing agreement with KBC Business Capital, the asset based lending 
division of KBC Bank N.V. ("KBC"). The Company's existing debt facilities will 
be replaced by asset based facilities with KBC that are comprised of an accounts 
receivable finance facility, stock facility and a plant and machinery long term 
loan. The above facilities will provide the Company with additional working 
capital required to continue the progress achieved to date. 
 
 
Ivor Harrison, Chief Executive, commented: "I am pleased to have reached 
agreement with the Company's lending bank and KBC. This will help the Company at 
a time when trading continues to be difficult. The focus is to maintain sales 
while continuing to rationalise the Company's cost base. Two products in the 
Ransom Naturals range have been listed and the Company expects to generate 
material savings out of the implementation of the operational restructuring 
during the year ended 31 March 2011." 
 
William Ransom & Son plc: 
01462 443527 
Ivor Harrison, Chief Executive 
 
Numis Securities Limited: 
020 7260 1000 
Nominated Adviser: Michael Meade 
Corporate Broker: James Black 
 
Buchanan Communications:                                                 020 
7466 5000 
Charles Ryland /James Strong 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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