AGM Statement
April 29 2003 - 3:01AM
UK Regulatory
RNS Number:4732K
Intercare Group PLC
29 April 2003
29 April 2003
The Intercare Group plc
Chairman's Statement at the Annual General Meeting
Mr Ken Harvey, Chairman of The Intercare Group plc, the pharmaceutical
manufacturer and distributor, will make the following statement regarding
trading at today's Annual General Meeting:
"I am very pleased to be able to report that trading across our Manufacturing
division continues to be strong. In our outsourced manufacturing businesses,
LCO Sante, which we acquired in the second half of 2002, is performing well and
progress on the construction of our new factory in Belgium is on track. We are
also seeing strong organic sales and profits growth at Martindale, our own
manufacturing business."
"As we indicated at the time of our preliminary results in March, the market
environment for our Distribution division is very challenging. While we are
seeing good revenue growth against the prior year, we are continuing to
experience strong downward pressure on margins as a result of the effects of the
forthcoming patent expiry of Zocor, combined with the ongoing appreciation of
the euro against sterling. Historically, the Group has reported the majority of
its profits in the second half of the financial year and we anticipate that
current conditions in the UK distribution market are likely to make this trend
more pronounced in 2003 than in previous years."
Enquiries
The Intercare Group plc Tel: 01423 535500
John Parker, Chief Executive www.intercareplc.co.uk
Jeremy Earnshaw, Group Finance Director
Andrew Kay, Chief Operating Officer
Financial Dynamics Tel: 020 7831 3113
David Yates/Ben Atwell
This information is provided by RNS
The company news service from the London Stock Exchange
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