26 January 2010
St Ives plc - Trading Update
Further to our Interim Management Statement issued on 30 November 2009, St Ives
is today providing a pre-close trading update.
With the general economic climate remaining uncertain, we have yet to see signs
of any improvement in our underlying markets. However, whilst sales are
expected to be lower in the first half of this financial year than the
comparative period for the prior year, margins have improved, partly through
the planned reduction of unprofitable volumes with high outsourcing
requirements and partly through reductions in the cost base.
The Group's financial position continues to be robust with strong cash flows
and reduced debt levels despite the funding of the cost reduction programme
previously mentioned. We continue to keep all costs under close review and seek
to identify further improvements.
We are pleased with the actions taken to strengthen the management team and our
progress in improving and extending our existing range of services and
products.
As previously stated, the benefits of the actions taken to date are being seen
and we are confident of an improved performance in the first half of this
financial year compared to the equivalent period last year. The Group continues
to be in a strong position to make further progress and take advantage of any
upturn in activity as and when it occurs.
For further information please contact:
St Ives plc 020 7928 8844
Patrick Martell, Chief Executive
Matt Armitage, Finance Director
Smithfield 020 7360 4900
John Antcliffe
Rupert Trefgarne
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