RNS Number:9377L
Abbeycrest PLC
17 January 2008
Interim Statement
The key Christmas selling season has confirmed that the market trends noted in
previous announcements remain unchanged, with UK fine jewellery generally
performing poorly in relation to last year. However, the Group's sales and
financial performance outside of the UK continue to be strong.
The changing dynamics of our markets have necessitated a detailed, fundamental
review of our business by management. The overall aim of the review is to
improve Group profitability as well as to implement a step-change reduction in
working capital requirements, including stockholding levels, and consequent debt
levels. This has resulted in a decision to utilise the proven strengths of the
Group in the Far East to service the UK market in a more cost-efficient way. We
also aim to focus on market sectors where a better return on capital can be
achieved. Overall, this will result in a significant reduction in the cost base
of the Group's UK stockholding business, G&A. The review will be completed by
the date of the announcement of our year-end financial results and the resulting
actions implemented as quickly as possible thereafter. Shareholders will be
updated in due course.
For further information, please contact:
Michael Lever
Chairman
Abbeycrest plc
Telephone: 0113 284 5702
Joanne Lake
Evolution Securities Limited
Telephone: 0113 243 1619
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