API Group PLC Pre Close Trading Update (1576E)

TIDMAPI

RNS Number : 1576E

API Group PLC

07 April 2014

 
 Press Release       7 April 2014

API Group plc

("API" or the "Group")

Pre Close Trading Update

API Group plc (AIM:API), the leading manufacturer of specialist foils and packaging materials, is today providing an update on trading ahead of its final results for the 12 months ended 31 March 2014, which are scheduled to be announced on Wednesday 4 June 2014.

In line with the Board's guidance when interim results were announced in December 2013, the Group experienced a strong overall trading performance in the second half. However, the recovery has not been enough to fully offset the weak first half and full year results are now anticipated to be at the lower end of expectations.

As planned, Holographics returned to break even in the last quarter after realigning its cost base to current sales levels. Laminates results improved after a full six months contribution from the major new supply contract and Foils Europe continued to make solid progress after the first half re-organisation of its UK operations. Volumes at Foils Americas weakened unexpectedly in the final three months, although results for the year as a whole will still be close to what the business unit achieved last time.

Capital expenditure has been lower than originally planned, although still well ahead of depreciation. Investment in additional capacity in the foils businesses is scheduled to come on stream during the first half of the new financial year.

With working capital substantially unchanged, further progress has been made on debt reduction and the Group expects to report a positive cash position at the year end, for the first time in 15 years.

- Ends -

For further information:

 
 API Group plc 
 Andrew Turner, Group Chief Executive   Tel: +44 (0) 1625 
                                                  650 334 
 Chris Smith, Group Finance Director     www.apigroup.com 
 
 
 Numis Securities (Broker) 
 James Serjeant              Tel: +44 (0) 20 7260 
                                             1000 
                                    www.numis.com 
 
 
 Cairn Financial Advisers (Nominated Adviser) 
 Tony Rawlinson / Avi Robinson                  Tel: +44 (0) 20 7148 
                                                                7900 
                                                    www.cairnfin.com

Media enquiries:

 
 Abchurch 
 Henry Harrison-Topham / Quincy Allan     Tel: +44 (0) 20 7398 
                                                          7710 
 quincy.allan@abchurch-group.com        www.abchurch-group.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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