RNS Number:0568G
API Group PLC
19 October 2007


19 October 2007

                                 API GROUP PLC                                  

                                 TRADING UPDATE                                 

 

Following disappointing trading conditions in the six months to 30 September
2007, which led in part to the Company's announcement regarding funding on 21
September, the Board now expects the results for the period ending 31 March 2008
to be at a significantly lower level than previously expected.

In the year to 31 March 2008 and in comparison with previous year results,
however, the European segment is expected to show improvements particularly in
Laminates and Foils Europe, and the Company is progressing with a number of new
business opportunities which, should they proceed to plan, would have a
significant positive impact on the results for the period. The Group continues
also to make progress against key strategic initiatives. Production has started
at the Group's new facility in China, the construction of which was completed on
schedule and on budget, and the Group's new distribution business in Italy is
performing well following its commencement of trading in April. New CEO Andrew
Turner also started in the role on 15 October.

The Company continues to work towards a resolution of its funding issues as
previously announced and key stakeholders continue to be highly supportive. The
Board remains confident of a satisfactory outcome and has in the meantime
achieved improvements in its short term cash position compared with the
statement of 21 September.

 

Ends

 
Enquiries

Andrew Turner, Group Chief Executive Officer,                01625 858700
API Group plc                                                             
                                                                          
Tim Spratt / Nicola Biles, Financial Dynamics                020 7831 3113

 



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

END
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