AGM Statement

RNS Number : 4107C

Eleco PLC

12 November 2009

 



For Immediate Release                                                                               12 November 2009

Eleco plc

("Eleco")

Trading Statement

John Ketteley, Executive Chairman of Eleco will make the following statement at the Company's Annual General Meeting today at 12 noon

"Overall, trading conditions remained challenging in the first four months of the year, but sentiment in the sectors in which we operate appear to be improving.

It is but a few short weeks since I reported in my statement with the Report and Accounts that there were signs of an improvement in business sentiment but that this had not yet produced a tangible change to our key Precast Concrete businesses. However, although background sentiment continues to improve somewhat, we do not anticipate that the impact of new orders, which we are favourably placed to secure, will have any meaningful impact on the trading of our Building Systems Division until the second half of the year, although the Division is benefitting to a modest degree from the recent improvement in sentiment in the house building sector.

I am pleased to report that our Software Division continues to be profitable and has traded above its performance in the early part of last year. Construction Software is looking forward to greater optimism in its sector. 

We have an experienced management team and are taking steps to strengthen it. We will benefit from further cost reductions made so far during this year, in addition to the major cost reductions put in place last year. We have succeeded in maintaining our relatively strong financial position. We are also in the process of closing the UK defined benefit pension scheme to future accrual. Therefore, I believe Eleco to be well placed to take advantage of an upturn in demand for our product offerings."

For further information please contact:

Eleco plc	Tel: [phone]
John Ketteley, Executive Chairman [e-mail]	http://www.eleco.com
David Dannhauser, Finance Director [e-mail]
Collins Stewart Europe Limited	020 7523 8359
Bruce Garrow
Buchanan Communications	020 7466 5000
Tim Anderson / James Strong / Christian Goodbody

 

END

 

 

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