AGM Statement
June 22 2010 - 2:00AM
UK Regulatory
TIDMCHNS
RNS Number : 9760N
China Shoto plc
22 June 2010
China Shoto plc
("China Shoto" or "the Company")
AGM Statement & Trading Update
China Shoto plc, a leading Chinese battery producer and the largest supplier of
back-up battery to China's telecommunication operators, will hold the Company's
Annual General Meeting at 10.00 am today.
Yang Shanji, Executive Chairman, will make the following statement at the
meeting:
Current Trading
In the Preliminary results for the period ended 31 December 2009 announced on 28
April 2010, the Company stated that they expected that China's major telecoms
operators would shift their investment priorities from infrastructure
construction to product marketing and development.
The Chinese government has increased greater control over low carbon, energy
reduction and environmental protection. Accordingly, China's major telecom
operators have reduced investment in infrastructure projects. Lower levels of
investment have reduced domestic demand for back up battery products.
The Board had hoped that a recovery of global markets and the development of
overseas, export opportunities would mitigate the fall in domestic demand. The
Company remains committed to developing international sales, and it has achieved
higher sales of certain product lines in difficult conditions. Nevertheless, the
Company has experienced significant competition in overseas markets and global
markets remain fragile. Further, exports and margins have become less
competitive as the Renminbihas strengthened.
As a result of these factors, during the first five months of the 2010 financial
year, revenue and profitability has fallen by approximately 15 per cent. when
compared against the same period in the previous financial year.
Outlook
The Board is confident of remaining the largest back up battery manufacturer in
China. It is well placed with its large R&D facilities providing improved
products. The Company continues to expand its environmental activities and is
progressing with its major lead recycling programme which will position the
Company favourably. The Board remains committed to developing its strategy of
developing international sales. A further update on trading, will be provided
as appropriate.
-Ends-
+-------------------------------+---------------------------------+
| For further information: | |
+-------------------------------+---------------------------------+
| China Shoto plc | Tel: +44 (0) 20 7242 2666 / +86 |
| Yang Shanji, Executive | 159 6108 0515 |
| Chairman | www.chinashoto.com |
| | |
+-------------------------------+---------------------------------+
| Seymour Pierce Limited | Tel: +44 (0) 20 7107 8000 |
| Stewart Dickson | www.seymourpierce.com |
| | |
+-------------------------------+---------------------------------+
| Media enquiries: | |
| Allan Piper/ Jiang Lei | Tel: +44 (0) 20 7242 2666 / |
| lei@firstcitypr.com | +852 2854 2666 |
| | www.firstcitypr.cn |
+-------------------------------+---------------------------------+
Forward looking statements
This announcement includes statements that are, or may be deemed to be, "forward
looking statements". These forward looking statements can be identified by the
use of forward looking terminology, including, but not limited to, the terms
"believes", "estimates", "anticipates", "expects", "may", "will", "would",
"could" or "should" or, in each case, their negative or other variations or
comparable terminology. These forward looking statements include matters that
are not historical facts.
By their nature, forward looking statements involve risks and uncertainties
because they relate to events and depend on circumstances that may or may not
occur in the future. Forward looking statements are not guarantees of future
performance. The Company's actual results of operations, financial condition and
liquidity may differ materially from the impression created by the forward
looking statements contained in this announcement. In addition, even if the
results of operations, financial condition, and liquidity are consistent with
the forward looking statements contained in this announcement, those results or
developments may not be indicative of results or developments in subsequent
periods. Important factors that could cause these differences include, but are
not limited to: changes in the competitive framework in which the Company
operates and its ability to retain market share; the Company's ability to
generate growth or profitable growth; the Company's ability to generate
sufficient cash to service its debt; the Company's ability to control its
capital expenditure and other costs; significant changes in exchange rates,
interest rates and tax rates; significant technological and market changes;
future business combinations or dispositions; and general local and global
economic, political, business, and market conditions. In light of these risks,
uncertainties and assumptions, the events described in the forward-looking
statements in this announcement may not occur.
Other than in accordance with their legal or regulatory obligations, the Company
does not undertake any obligation to update or revise publicly any forward
looking statement, whether as a result of new information, future events or
otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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