Interim Management Statement

RNS Number : 0895W

Guinness Peat Group PLC

12 November 2010

 



GUINNESS PEAT GROUP PLC

Interim Management Statement

Guinness Peat Group plc ("GPG") today publishes its interim management statement ("IMS") covering the period from 1 July 2010 to 12 November 2010.  This IMS has been prepared solely to provide additional information to shareholders to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules and should not be relied on by any other party or for any other purpose.

Financial Position

Net asset backing per share has improved during the period, 51.18p per share at 30 September 2010 (47.69p per share at 30 June 2010).  GPG Parent Group cash at 30 September 2010 was £172m (£167m at 30 June 2010). At 30 September 2010 the liability in respect of Capital Notes was NZ$425m (£198m).  The election dates for the Capital Notes are November 2012 (NZ$348m) and December 2013 (NZ$77m).

Coats

Coats continues to progress.

Industrial thread demand has significantly improved compared to 2009, albeit at a lower rate than reported in the first half, reflecting a stronger performance in the second half of 2009.

The Crafts market has remained challenging in Europe and North America; although sales have been maintained at 2009 levels, raw material prices peaked in the third quarter, putting pressure on gross margins.

Coats continues to manage its working capital position effectively.

Full Year Results

GPG is scheduled to release its 2010 full year results at the end of February 2011.

The financial information on which this statement is based has not been reviewed or reported on by GPG's auditors.

Chris Healy

Company Secretary

Guinness Peat Group plc

Tel: [phone]

12 November 2010

 

END

 

 

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