AGM Statement
November 12 2009 - 7:00AM
UK Regulatory
TIDMELCO
RNS Number : 4107C
Eleco PLC
12 November 2009
For Immediate Release 12 November 2009
Eleco plc
("Eleco")
Trading Statement
John Ketteley, Executive Chairman of Eleco will make the following statement at
the Company's Annual General Meeting today at 12 noon
"Overall, trading conditions remained challenging in the first four months of
the year, but sentiment in the sectors in which we operate appear to be
improving.
It is but a few short weeks since I reported in my statement with the Report and
Accounts that there were signs of an improvement in business sentiment but that
this had not yet produced a tangible change to our key Precast Concrete
businesses. However, although background sentiment continues to improve
somewhat, we do not anticipate that the impact of new orders, which we are
favourably placed to secure, will have any meaningful impact on the trading of
our Building Systems Division until the second half of the year, although the
Division is benefitting to a modest degree from the recent improvement in
sentiment in the house building sector.
I am pleased to report that our Software Division continues to be profitable and
has traded above its performance in the early part of last year. Construction
Software is looking forward to greater optimism in its sector.
We have an experienced management team and are taking steps to strengthen it. We
will benefit from further cost reductions made so far during this year, in
addition to the major cost reductions put in place last year. We have succeeded
in maintaining our relatively strong financial position. We are also in the
process of closing the UK defined benefit pension scheme to future
accrual. Therefore, I believe Eleco to be well placed to take advantage of an
upturn in demand for our product offerings."
For further information please contact:
+-------------------------------------------+----------------------------+
| Eleco plc | Tel: 01920 443 830 |
+-------------------------------------------+----------------------------+
| John Ketteley, Executive Chairman | http://www.eleco.com |
| john.ketteley@eleco.com | |
+-------------------------------------------+----------------------------+
| David Dannhauser, Finance Director | |
| david.dannhauser@eleco.com | |
+-------------------------------------------+----------------------------+
| | |
+-------------------------------------------+----------------------------+
| Collins Stewart Europe Limited | 020 7523 8359 |
+-------------------------------------------+----------------------------+
| Bruce Garrow | |
+-------------------------------------------+----------------------------+
| | |
+-------------------------------------------+----------------------------+
| Buchanan Communications | 020 7466 5000 |
+-------------------------------------------+----------------------------+
| Tim Anderson / James Strong / Christian | |
| Goodbody | |
+-------------------------------------------+----------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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