Interim Management Statement
August 19 2009 - 3:00AM
UK Regulatory
TIDMDYS
RNS Number : 6555X
Dyson Group PLC
19 August 2009
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| For immediate release | 19 August 2009 |
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Dyson Group plc
("Dyson" or "The Group")
INTERIM MANAGEMENT STATEMENT
Dyson Group Plc (LSE:DYS), the materials technology company, announces its
Interim Management Statement for the period from 1 April 2009 to 17 August 2009.
The Group is still not in a position to publish its Report and Accounts for the
year ended 31 March 2009 as a result of the dialogue with its two banks, Lloyds
TSB and Svenska Handelsbanken, not having yet been finalised. Accordingly, the
requested suspension of trading in its shares remains in force.
The highlights for the year ended 31 March 2009 on an unaudited basis were as
follows. However, the Directors have identified a material uncertainty
surrounding the ongoing support of the Group's two banks.
Financial Highlights (year ended March 31 2009)
* Revenue of GBP53.5 million (2008: GBP63.9 million)
* Underlying loss before tax of GBP2.2 million (2008: GBP6.5 million profit)
* Exceptional charges of GBP16.5 million(2008: GBP20.4 million) including GBP14.2
million of asset carrying value reductions
* Net debt at end of period GBP38.8 million (2008: GBP32.7 million)
* Full year dividend cancelled (2008: 4.30 pence per share)
* Basic loss in earnings per ordinary share of 63.84p (2008: 36.02p) and
underlying loss per ordinary share of 6.14p (2008: earnings per ordinary share
of 13.29p)
* Adverse market conditions have resulted in a decline of GBP11.9 million to the
value of the property portfolio, including GBP3.5 million exceptional charges,
and the pension deficit has increased by GBP10.6 million to GBP19.3 million
Operational Highlights (year ended March 31 2009)
* Significant restructuring of the Group has been completed, with further projects
to streamline the production facilities currently underway
* Headcount reduction of 19% from 740 to 600 people
* Unprecedented and sudden adverse conditions in the automotive markets in the
second half, and continued decline in the markets for ceramic products
* Sales in the Performance Materials business declined by 17% due, primarily, to
the reduced demand for Ecoflex products in the automotive markets
* Thermal Technologies revenues were unchanged against last year, but margins were
reduced as a result of adverse pricing and sub-optimal production levels
During the period from 1 April 2009 to 17 August 2009, there have been no major
changes to the trading performance of the Group. Sales revenues are running at
approximately 65% of the levels for the corresponding period last year due to
the continued low levels of customer demand.
Further significant restructuring, cash and cost containment actions have been
implemented. These include additional headcount reductions, short-time working,
factory closures and price reductions from suppliers.
In its announcement dated 31 July 2009, Dyson confirmed that it was in
constructive dialogue with its two banks, Lloyds TSB and Svenska Handelsbanken,
with the intention of determining the appropriate way forward. The discussions
are ongoing.
As announced on 28 April 2009, the sale of the Fulwood Road, Sheffield premises
(used as the Group's registered office) is due to be completed by 15 September
2009, and the registered head office will be transferred to the following
address: Dyson Group Plc, Totley Works, Baslow Road, Sheffield, S17 3BL.
For further enquiries, please contact:
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| Dyson Group plc | Tel: 0114 263 2835 / 0207 340 8528 |
| Patrick Lammers, Chief Executive Officer | Tel: 01439 771 900 |
| | |
| Christopher Honeyborne, Chairman | |
| | |
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| | |
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| Buchanan Communications | Tel: 0207 466 5000 |
| Charles Ryland | |
| Ben Willey | |
| Catherine Breen | |
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| | |
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About Dyson Group
The Dyson Group designs, develops and manufactures high-performance materials
for a wide a range of applications and operates on a global basis.
The Group's product portfolio focuses on three core market segments, namely
Automotive Emissions, Energy (oil, gas, nuclear and petrochemical) and Industry
(ceramics, glass and steel).
The Group draws upon its technological capabilities to manufacture innovative
products which are required to withstand extreme temperatures and are abrasive
or chemical resistant. Our key brands manufactured by our Performance Materials
division are Saffil and Ecoflex , serving the fibre and catalytic converter
applications markets. Our Thermal Technologies division, with its significant
technical and manufacturing expertise, produces kiln furniture and precision
ceramics for the Industry sector.
The Group aims to develop and to exploit this expertise in high-performance
materials and product applications to realise value for our customers,
shareholders and other stakeholders.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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