TIDMMAE 
 
RNS Number : 4511S 
Mallett PLC 
19 May 2009 
 

Mallett PLC 
 
 
Interim Management Statement 
 
 
Mallett PLC ("Mallett" or the "Company"), dealer in high quality antique 
furniture and works of art, issues the following interim management statement 
for the period from 1st January 2009 to 18th May 2009. 
 
 
Current trading 
 
 
Trading since the start of the year has been encouraging. Turnover and operating 
profit are, as expected, lower than for the same period of the prior year, 
reflecting the more difficult trading conditions since the latter part of 2008. 
However, turnover and operating profit are ahead of management's expectations. 
Whilst we continue to believe that the difficult trading conditions will persist 
in 2009, there is grounds for some optimism from a number of the auctions and 
fairs in the first quarter of the year. 
 
 
Financial position 
 
 
The balance sheet remains robust with net assets of over GBP21m. We continue to 
reduce our level of inventory, through sales, to match the reduced trading that 
we continue to expect in 2009. To this end, we will be offering for sale a 
carefully selected group of works, representing approximately 5% of our 
inventory by value, through Christies at an auction in June. 
 
 
We are pleased to report that the cash management measures we have implemented 
to improve the cash position have so far resulted in the Group's net debt 
position improving by approximately 25% since the year end. We believe that we 
will soon be in a position to take advantage of the excellent buying 
opportunities that we expect to be available in the second half of the year. 
 
 
We have a number of parties interested in acquiring our Bond Street lease and 
have identified several properties for possible relocation. However, knowing 
this is a valuable asset we do not intend to relocate without it realising the 
market value. 
 
For further information please contact: 
 
 
Giles Hutchinson Smith, Chief Executive          020 7499 7411 
Michael Smyth-Osbourne, Finance Director    020 7499 7411 
 
 
 
 
 
 
 
 
 
 
Forward Looking Statements 
 
 
This announcement may include "forward-looking statements". All statements other 
than statements of historical facts included in this announcement, including, 
without limitation, those regarding the Company's financial position, business 
strategy, plans and objectives of management for future operations (including 
development plans and objectives relating to the Company's products and 
services) are forward-looking statements. Forward-looking statements are subject 
to risks and uncertainties and accordingly the Company's actual future financial 
results and operational performance may differ materially from the results and 
performance expressed in, or implied by, the statements. 
 
 
These forward-looking statements speak only as at the date of this announcement. 
The Company expressly disclaims any obligation or undertaking to update or 
revise any forward-looking statements contained herein to reflect actual results 
or any change in the assumptions, conditions or circumstances on which any such 
statements are based unless required to do so by the Financial Services and 
Markets Act 2000, the Listing Rules or Prospectus Rules of the Financial 
Services Authority or other applicable laws, regulations or rules. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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