Sinclair (William) Holdings PLC Trading Update (9456G)
July 05 2012 - 2:00AM
UK Regulatory
TIDMSNCL
RNS Number : 9456G
Sinclair (William) Holdings PLC
05 July 2012
5 July 2012
WILLIAM SINCLAIR HOLDINGS PLC ("William Sinclair" or "the
Company")
Trading Update
William Sinclair, one of the UK's leading suppliers of growing
media to the horticulture industry, announces a Trading Update
following the spring selling season.
As reported in the Company's interim statement on 11 June 2012,
unseasonably wet and cold weather held back domestic gardening
activity during April and most of May. The Company expected to
recover part of this shortfall in the early summer period but the
exceptionally wet weather continued throughout June and into July.
Consequently, demand was below our normal levels and, with our main
selling season drawing to an end, the chances of recovering any of
the shortfall are small.
Just how extreme the weather has been was confirmed when the
Environment Agency recently announced that UK rainfall between
April and June 2012 was the heaviest since records began in 1910.
Furthermore, the Meteorological Office has confirmed that June
itself had double the historic average rainfall for the month, the
second lowest hours of sunshine since 1910 and was the coolest June
for over 20 years.
William Sinclair's peat bogs have felt the full effects of the
high rainfall and the peat harvest has suffered as a consequence. A
prolonged period of dry weather is now required to enable the
Company to return to full harvest operations. The peat drying
technologies recently introduced by the Company will supplement our
conventional harvest and the Board intends to deploy additional
drying capacity to further mitigate the impact of the rain
Despite the difficulties, William Sinclair's growth strategy
remains on track, particularly within its fast growing, industry
leading, peat free product range. However, with the weather
unusually impacting both customer demand for its products and the
ability to harvest peat by conventional means, the financial
performance of the Company will be lower than in the previous
year.
The Company continues to have a strong balance sheet and to
generate cash and expects to maintain its progressive dividend
policy.
For further information:
William Sinclair Holdings PLC Tel: 01522 537561
Bernard Burns, Chief Executive
Peter Williams, Finance Director
Westhouse Securities Tel: 0207 601 6100
Adam Lloyd
Paul Gillam
This information is provided by RNS
The company news service from the London Stock Exchange
END
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