OME Omega Intl

    RNS Number : 9387V
  Omega International Group PLC
  04 June 2008
   

    For Immediate Release                                                                                                    4 June 2008  


    Omega International Group PLC
    AGM Statement

    Omega International Group PLC, a leading UK manufacturer of branded kitchen furniture, is holding its Annual General Meeting this
afternoon. 

    Chairman Bob Murray, will make the following statement to shareholders:

    "For the past decade, Omega has had an enviable record of unbroken growth in both turnover and pre tax profits. Earlier this year, we
reported an excellent fourth full year's results as an AIM listed company, despite a testing market.

    Whilst market conditions have deteriorated compared to the buoyant conditions we saw early last year, both sales and profits are
expected to be ahead at the half year. 

    Input prices remain under pressure, particularly so with European suppliers from whom we purchase most of our raw materials. Although we
have a hedging policy in place, the continuing strength of the Euro will have an adverse impact on our profitability this year, based on
current exchange rates. Price increases of 5% across all our brands have now been successfully implemented and will contribute to our
profitability during the second half.
      
    During November this year, we will be launching a new brand of kitchen furniture, our first for six years. There will be an exceptional
cost of approximately �0.6 million within the 2008 full year results relating to the upfront investment. This is a significant new
opportunity for incremental sales on which we look forward to updating the market further later this year.

    The Board continues to expect the profits for the full year to be in excess of those achieved last year, before the exceptional costs
associated with the launch of our new brand. 

    The fundamental strengths of the Group remain unchanged. The balance sheet is strong, the Group remains ungeared and net cash at the
half year is forecast to be �4 million after the purchase of further freehold land adjacent to the existing factory. We have continued to
increase our market share through further investment in expanding and strengthening our display base nationally, an initiative which will
serve us well going forward.

    Whilst we are not immune to market conditions, the Board remains confident in its strategy for growth and in the prospects for the Group
going forward."


    For further information please contact:

    Omega International Group PLC                                          Tel: 01405 743333
    Francis Galvin, Group Chief Executive

    Buchanan Communications                                                   Tel: 0207 466 5000
    Mark Edwards
    Nicola Cronk

    Cenkos Securities plc
    Stephen Keys                                                                       Tel: 020 7397 8924  

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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