Havelock Europa PLC AGM Statement (9394H)
June 13 2017 - 7:00AM
UK Regulatory
TIDMHVE
RNS Number : 9394H
Havelock Europa PLC
13 June 2017
HAVELOCK EUROPA PLC
Annual General Meeting
Havelock Europa (AIM:HVE.L), the international interior
solutions provider, announces that at its Annual General Meeting
held at midday today, 13 June 2017, the Chairman, Ian Godden, made
the following statement:
"The Group continues to make progress despite operating in a
very competitive market. As indicated in our 2016 final results, we
expect 2017 performance to be significantly weighted towards the
second half, but more than usually so this year, with a
correspondingly weaker first half result. For the full year, whilst
activity in the Public Sector is expected to be below last year's
levels, this will be balanced by a better than expected demand from
Retail and Lifestyle and Corporate Services clients.
Forecasting for the second half year remains difficult -
however, given the current order book of GBP38 million and existing
and new framework agreements, the Board believes performance for
the full year will remain in line with our expectations.
The recent launch of our new Early Years' Education and
Healthcare furniture ranges have been well received by the market
and we are now in the process of updating our Secondary School
range, which all augur well for the future.
The pipeline in the Retail and Lifestyle and Corporate Services
sectors is encouraging. We have been appointed exclusively by a
major UK Building Society to design and deliver new-style furniture
for their branch refurbishment programme, have secured new retail
customers both in the UK and internationally, and have undertaken
our first projects in the car showroom sector.
We remain focused on cost control and improving margins and cash
flow through enhanced operational performance, strengthening the
commercial team and the pursuit of further efficiencies. The
recently implemented ERP system is an important step forward
towards achieving these goals. As previously announced, the Board
is conducting a major review of Havelock's strategy to re-establish
market leadership which will be shared with shareholders later this
year."
Further to the announcement made on 31 March 2017, the Company
confirms that Ciaran Kennedy resigned as a director and was
succeeded as Chief Financial Officer by Donald Borland with effect
from 26 April 2017. The Board would like to thank Ciaran for his
valuable contribution to the business, and to welcome Donald to his
first AGM.
Enquiries:
Havelock Europa PLC 01592 648480
David Ritchie, CEO
Donald Borland, CFO
WH Ireland Group plc (Nomad) 020 7220 1650
Chris Fielding
Charlotte Street Partners (media enquiries) 0131 516 5310
Rob Ballantyne
David Gaffney
This information is provided by RNS
The company news service from the London Stock Exchange
END
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