Trading Statement
April 02 2003 - 2:00AM
UK Regulatory
RNS Number:5190J
Weeks Group PLC
02 April 2003
THE WEEKS GROUP PLC ("Weeks" or the "Company")
2 April 2003
Trading Statement
The Company provides the following trading statement in advance of its results
for the year ended 31 March 2003:
The Group announces that its profits for the period ended 31 March 2003 are
expected to be below current market expectations. Whilst turnover for the year
is expected to be approximately 10% ahead of that of last year, gross margins
have declined as a result of a hardening of the construction market and the
shortage of technical staff, which has led to the increased need for the use of
more expensive subcontracted staff. In addition to the continued investment in
support systems across the business as described in the Group's interim
statement dated 3 December 2002, non-recurring costs have also been incurred in
the later part of the year in relation to a reorganisation of part of the
business which led to senior management redundancies.
The Group's working capital position continues to be satisfactory and the
current order book remains healthy. The Board expects to propose a final
dividend for the year ended 31 March 2003 in line with its stated dividend
policy.
For further information contact:
The WEEKS Group plc
Phillip Hill Tel: 01732 778690
Teather & Greenwood Limited
Jeff Keating Tel: 020 7426 9000
David Galan Tel: 020 7426 9000
This information is provided by RNS
The company news service from the London Stock Exchange
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