Pre Close Trading Update
October 05 2011 - 2:00AM
UK Regulatory
TIDMAPI
5 October 2011
API Group plc
Pre Close Trading Update
API Group plc ("API" or the "Group") is today providing a pre-close period
update on trading ahead of its interim results announcement due on 8 December
2011.
The Group is pleased to confirm that trading for the six months ending 30
September 2011 has been in line with expectations, although a one-off
exceptional charge will be recorded in interim results as a consequence of flood
damage at one of the Group's facilities in the US.
API's foil manufacturing site in Rahway, New Jersey suffered disruption during
August as a consequence of Hurricane Irene. While production was brought back
on line within 48 hours and local management ensured minimum disruption to
customer supplies, losses associated with damage to property and inventory,
beyond what is covered by insurance policies, are estimated at up to GBP700k.
On trading, all of the Group's businesses have maintained or improved their
operating performance compared to the second half of last financial year.
Laminates has continued to enjoy strong volumes, at levels similar to the last
financial year, and is on track in respect of the major new supply agreement
scheduled to come on stream in April 2012. Steady progress has been made in the
Foils businesses, with raw material costs stabilising after the steep increases
experienced during 2010/11, and Holographics has benefited from increased demand
for security applications.
For further information, please contact:
API Group plc Tel: +44 (0) 1625 650334
Andrew Turner, Group Chief Executive
Chris Smith, Group Finance Director
Cairn Financial Advisers LLP Tel: +44 (0) 20 7148 7900
Tony Rawlinson / Avi Robinson
Numis Corporate Broking Tel: +44 (0) 20 7260 1000
James Serjeant
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: API Group PLC via Thomson Reuters ONE
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