Trading Update

RNS Number : 9020O

Airea PLC

04 February 2019

 

AIREA PLC

Update on FY 18 trading

Airea plc (LSE: AIEA), the manufacturer, marketer and distributor of floor coverings, announces the following trading update for the year ended 31 December 2018.

Trading update

Revenue and Operating profit for continuing operations in the second half of the year exceeded the performance of the 6 months ended 30 June 2018 in line with management expectations driven by the continued growth in the order book and increased sales both in the UK and Internationally.

The successful launches of our new ranges continue to gain traction in the market and further launches in 2019 are planned to continue the revenue growth.

Exceptional items

On 26 October 2018, the High Court reached a judgment in relation to Lloyds Banking Group's defined benefit pension schemes which concluded that schemes should equalise pension benefits for men and women as regards guaranteed minimum pension benefits. The effect of this decision is still being assessed by the Trustees and our actuarial advisers, but is likely to impact the pension scheme liabilities by approximately £0.3m. This will not have a significant impact on the pension schemes funding strategy and will have no cash impact to the group.

Date of full year announcement

Airea plc will announce its final results for the year ended 31 December 2018 on Thursday 7 March 2019.

Enquiries:

Neil Rylance                                                                                                                  01924 266561

Chief Executive Officer

Paul Stevenson                                                                                                             01924 266561

Group Finance Director

Richard Lindley                                                                                                             0113 388 4789

N+1 Singer

 

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