29 July 2010
St Ives plc - Trading Update
St Ives is today providing a pre-close trading update for the year to July
2010.
As previously reported, good progress has been made to improve the performance
of the Group and further strengthen its financial position. Trading in the
final quarter has been in line with management expectations and market
conditions are unchanged from those described in the June Interim Management
statement. We are on track to meet expectations for the full year and, despite
the tough trading conditions, we have made significant progress from the
previous financial year.
Cash flows are strong and net debt remains low, despite funding the cost
reduction programme and the acquisition of Occam DM Limited. Actions taken to
date to reduce cost and extend the range of services offered, along with our
strong financial position, will enable further progress to be made as the
economic climate improves.
We continue to explore opportunities to reduce costs and improve efficiencies
throughout our plants.
We have further strengthened our management across the group and in particular
our sales teams where significant resource has been recruited to support our
ambitions going forward.
For further information please contact:
St Ives plc 020 7928 8844
Patrick Martell, Chief Executive
Matt Armitage, Finance Director
Smithfield 020 7360 4900
Rupert Trefgarne
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