Filtrona plc
30 April 2007
Filtrona plc
AGM Trading Statement
Filtrona plc ('Filtrona') is holding its Annual General Meeting at 12 noon
today:-
At the meeting, Jeff Harris, Chairman, will make the following statement to
shareholders:
'In the first quarter of 2007, Filtrona has delivered an encouraging performance
with the underlying organic growth rate ahead of last year. However, as
expected, the adverse impact of currency translation, and particularly the
movement of the US dollar, has reduced the Company's reported growth towards
historical rates.
Plastic Technologies has continued to perform well. Protection and Finishing
Products' momentum continues and Coated and Security Products has experienced
some recovery in promotional tear tape volumes. The recovery at Globalpack has
been sustained whilst the US Profile and Sheet business has encountered more
challenging trading conditions.
The Company was particularly pleased to announce earlier this month the
acquisition for $61m, subject to regulatory approval, of the Duraco business in
Chicago which will be an important addition to the Protection and Finishing
Products business.
Fibre Technologies' profit performance has been strong with good contributions
from both the Cigarette Filters and Bonded Fibre Components businesses despite
the weakness in cigarette filter volumes which has been as expected.
The previously announced restructuring programme within the Cigarette Filters
business is progressing to plan. The closure of the Filters facility in
Richmond, Virginia was communicated to employees at the end of March and
production has now ceased. Production volumes have been transferred to the other
North American facilities in Greensboro, North Carolina and Monterrey, Mexico
where sustained operational improvement is driving performance. The Bonded
Fibres business continues to benefit from both market share gains and new
projects.
Filtrona is again delivering strong underlying organic performance and, with the
Duraco acquisition expected to supplement that growth, the Board has confidence
that Filtrona's financial performance will continue to progress well and in
accordance with the Board's expectations.'
Editor's Note:
Plastic Technologies produces, sources and distributes protection and finishing
products, self-adhesive tear tape and certain security products as well as
proprietary and customised plastic extrusions and packaging items for consumer
products.
Fibre Technologies focuses on the production and supply of special filters for
cigarettes and bonded fibre products such as reservoirs and wicks for writing
instruments and printers, household products and medical diagnostic devices.
Enquiries:
Filtrona plc Tel: 01908 359100
Mark Harper, Chief Executive
Steve Dryden, Finance Director
Finsbury Tel: 020 7251 3801
James Leviton
Gordon Simpson
This information is provided by RNS
The company news service from the London Stock Exchange
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