Sinclair (William) Holdings PLC Trading Update (1309P)

TIDMSNCL

RNS Number : 1309P

Sinclair (William) Holdings PLC

27 September 2013

WILLIAM SINCLAIR HOLDINGS PLC

("William Sinclair" or The Company")

Trading Update

William Sinclair, one of the UK's leading suppliers of growing media, announces a trading update.

Peat harvest

Following the exceptionally poor peat harvest in 2012 the Company can confirm the 2013 harvest has been much better. The Company has sufficient stocks of peat to satisfy its extensive customer base with excellent quality composts in the 2013/14 season. It has also been able to rebuild its peat stocks to a limited extent in order to provide a buffer in case the 2014 harvest is below expectations.

During July 2013, the Company was harvesting very good weekly volumes during the favourable conditions that persisted at the time. The expectation was that this would continue well into August and that with an average September the Company would have a particularly high harvest for the season as a whole. Unfortunately this did not happen. Although there were good levels of sun in August they were interspersed at our peat bogs with numerous showers that repeatedly interrupted the harvest process. September weather patterns were not helpful for the harvest either and the season has now come to an end without the expected premium previously forecast. This will have a material impact on our expected results for the year.

However, one beneficial consequence of the early finish to harvesting is that we have been able to carry out extensive bog preparation work which will improve the bog condition for next year's harvest. There is normally a trade off at this time of year between harvesting to the bitter end and bog preparation for the following season. Because our harvest has been good enough we have had the opportunity this year to concentrate on preparation work.

SuperFyba

SuperFyba operations at the Company's flagship site at Ellesmere Port are now running more smoothly albeit at the reduced volumes previously announced. The Company has identified the equipment it requires to upgrade the oversize cleaning process and expects this equipment to be installed soon after Christmas. This investment will enable the Company to progressively increase SuperFyba volumes.

For further information:

www.william-sinclair.co.uk

 
 William Sinclair Holdings            Tel: 01522 780223 
  Plc 
 Peter Williams, Finance              Tel: 07710 982577 
  Director 
 Mark Way, Corporate Communications   Tel: 07786 116991 
 
 
 WH Ireland Limited 
 Andrew Kitchingman   Tel: 0113 394 6619

This information is provided by RNS

The company news service from the London Stock Exchange

END

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