TIDMAIEA
RNS Number : 9713Y
Airea PLC
10 May 2023
10 May 2023
AIREA plc
("AIREA", the "Group" or the "Company")
AGM Statement
AIREA plc (AIM: AIEA), the UK design-led specialist flooring
company, supplying both the UK and international markets , will be
holding its Annual General Meeting ("AGM") today at 2.00 p.m. at
Victoria Mills, The Green, Ossett, WF5 0AN.
Martin Toogood, Non-Executive Chairman and Médéric Payne, Chief
Executive Officer, will provide the following update at today's
meeting:
Chairman's Statement
" It is my pleasure to welcome you to the sixty-ninth Annual
General Meeting of AIREA plc, held for the first time in many years
at one of the Group's sites Victoria Mills. As Non-Executive
Chairman, I am joined by Médéric Payne, Chief Executive Officer and
Ryan Thomas, Chief Financial Officer and Company Secretary.
" Médéric, who joined in August 2022, leads the Executive team
bringing his extensive leadership, commercial, supply chain and
marketing expertise coupled with his passion for people
development.
" During 2022, we delivered revenue growth to GBP18.5 million
and improved the net cash position by GBP900,000. The Group has
maintained profit margins despite the ongoing cost challenges and
continued our progressive dividend focus with a proposed 0.5 pence
per share.
" The pension scheme position has deteriorated year on year from
an unrecognised surplus of GBP5.1 million to a deficit of GBP1.3
million. This was caused in part by the rise in gilt yields and
then a fall in gilt prices towards the end of 2022. The next
triennial valuation is due on 1 July 2023 and this will be used to
agree upon a revised schedule of contributions with the pension
trustees. The investment strategy for the scheme is also under
review to ensure that the scheme can meet its obligations as they
fall due.
" I am pleased to report that the business has continued to make
good progress. We continue to develop new products whilst
simultaneously refreshing and revamping our existing profitable
ranges. A key focus of our product offering is aimed at addressing
our customers' ever-increasing demand for environmentally focused
products.
Chief Executive Officer's Statement
" I am delighted to be here today at my first AIREA plc Annual
General Meeting. Since taking on the position as Chief Executive
Officer, I have spoken and listened to a number of people inside
and outside the Company. As a result, I have already introduced a
number of commercial changes.
" Building on the Group's strong foundations, but by actively
listening to our customers especially and other stakeholder
interests, I have understood it is imperative the business
continues to be more competitive, innovative and agile, in order to
have the ability to adapt to market trends, with sustainability at
the core of its future values. Subsequently, a number of actions
have been taken to revitalise AIREA and engage with a revised
business plan to drive results.
" For example, we have all recently witnessed the impact of
energy prices and labour challenges. Therefore, the Group is
building a more efficient manufacturing unit, where consumption is
better managed such as the current fitting of the solar panels on
the factory roofs. We will seek to improve productivity through the
introduction of updated processes and it is imperative that we,
like others in the industry, fully address finding solutions to
reduce our output waste and recycle more material back into the
manufacturing process in order to close the loop.
" During the last quarter of 2022, we set out to evolve our
offer for 2023. This year, we have started a major overhaul of our
products, beginning with the creation of new ranges, moving on to
refreshing existing ones and finally exiting older underperforming
ones.
" In December 2022, we published our first Sustainability
Principles with eco2matters, which are published on our
website.
" In January 2023, the Group launched its first carbon neutral
range with arctic in carpet tile and plank, which signified a major
change to the business. We also introduced the world's first carbon
negative recycled yarn from Universal Fibers to the British market,
which highlighted our role as innovators to existing and potential
new customers.
" We have also overhauled the Burmatex brand, evolving the brand
promise and sending a signal to the market that Burmatex is fresh
and very present. During this month, the Group will be exhibiting
at the renowned Clerkenwell Design Week show in London for the
first time since 2012, where we will launch a new range and engage
with our target customers.
"The UK is still the Group's major market at approximately 80%
of sales but remains highly competitive. We therefore have an
enhanced focus on growing our international sales in both existing
and new markets.
" In terms of people, we are reviewing our skills and future
resource requirements to align with our new strategic goals. We
have already launched at the end of 2022 our new values to bolster
our business transformation project to empower, encourage and
inspire our workforce to deliver improved products to our
customers.
" We are also delighted to confirm the appointment of Tanya
Ashton to the position of Non-Executive Director as announced to
the London Stock Exchange today. Tanya's appointment further
strengthens the governance of AIREA plc as an AIM-listed business.
But more importantly, Tanya brings with her a passion for
sustainability within manufacturing. Tanya's background in
marketing, manufacturing and sustainability will be of huge value
as we face a faster-changing business environment that is demanding
daily new standards of social responsibility, eliminating waste and
the drive towards a circular economy.
" We look forward to updating shareholders on the Group's
progress in due course. "
- Ends -
For further information please contact:
AIREA plc Tel: +44 (0) 192 426 6561
Médéric Payne, Chief Executive
Officer
Ryan Thomas, Chief Financial Officer
Singer Capital Markets Tel: +44 (0) 20 7496 3000
(Nominated Adviser and Sole Broker)
Peter Steel / Sam Butcher
Yellow Jersey PR Tel: +44 (0) 20 3004 9512
(Financial media and PR)
Sarah Hollins / Shivantha Thambirajah
/ Jazmine Clemens
Notes to Editors
AIREA plc is a UK design-led specialist flooring company,
supplying both UK and international markets. Since 2007, the Group
has been focused solely on floor coverings and enjoys a strong and
growing brand position within the commercial flooring market.
The Group's core brand Burmatex(R) is one of the UK's leading
designers and manufacturers of commercial carpet tiles and planks.
Burmatex(R) focuses on the design and creation of sustainable
innovative flooring solutions to meet the needs of architects,
specifiers and contractors with a continuously developing range to
suit the education, leisure, commercial, hospitality and public
sectors. The brand was acquired by AIREA in 1984.
The Group was admitted to trading on AIM of the London Stock
Exchange on 12 December 2007.
For further information, please visit: https://aireaplc.com/
.
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END
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