RNS Number:7622I
Jarvis Porter Group PLC
17 February 2005
Jarvis Porter Group PLC
Update on Current Trading
The Board of Jarvis Porter Group PLC (the "Company") announces that as
foreshadowed in the announcement of the interim results for the six months ended
31 August 2004, dated 9 November 2004, trading conditions at the Company's
principal subsidiary, Darby Group, have continued to be very challenging.
Against a background of sustained high oil prices, significantly higher energy
costs, continued uncertainty in the UK housing market, and adverse trading from
companies in related market sectors, trading in December and January has,
however, seen a further deterioration and consequently the Board now anticipates
revenues for the year ended 28 February 2005 will be approximately #18.0m (2004:
#18.7m post acquisition), and that the Company will report an operating loss on
ordinary activities, before exceptional items, of approximately #625,000.
Notwithstanding this, the company's cash balance remains healthy with no debt
and anticipated net funds at year end of approximately #3.5m, including net cash
deposits of approximately #4.4m. The Company also has unencumbered freehold
property with a current book value of #1.7m.
In order to counter the downturn, Darby Group's recently strengthened sales
force is operating aggressively to increase market share supported by improved
quality and customer service, and initiatives are underway to reduce waste,
improve manufacturing efficiency and further enhance process controls.
The final outcome for the current year will depend on the Board's assessment of
the appropriate level of provision in relation to the Company's surplus Hinckley
property. The preliminary results announcement for the year ended 28 February
2005 is expected to be released in May 2005.
17 February 2005
Enquiries:
Stephen Bannister
Chief Executive
Jarvis Porter Group PLC
Tel. 01724 291257
Philip Davies
Charles Stanley & Co. Limited
020 7953 2457
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTBRGDDXUBGGUR
|