Interim Management Statement
Filtrona plc
24 April 2008
Filtrona plc
Interim Management Statement
Filtrona plc ('Filtrona'), the international market leading speciality plastic
and fibre products supplier, is holding its Annual General Meeting at 12 noon
today. At the meeting, Jeff Harris, Chairman, will make the following statement:
'Filtrona today issues its interim management statement for the period from 1
January 2008.
Financial Performance
During the period, Filtrona has delivered results in line with the comparable
period for the prior year.
Plastic Technologies has traded ahead of the prior year despite the impact of
reduced volumes within the US operations of the Plastic Profile and Sheet
division. Fibre Technologies' performance is behind prior year following the
anticipated reduction in volumes in the Cigarette Filters division due to the
previously announced customer insourcing decisions.
Plastic Technologies
The Protection and Finishing Products division has continued to progress whilst
absorbing the costs of new investment in Chinese and Eastern European
distribution operations.
The Coated and Security Products division has performed well and will benefit in
the second half of the year from a new supply agreement signed with an important
customer for the Payne Security authentication system.
The Plastic Profile and Sheet division has suffered from weak US demand and
rising raw material prices, resulting in lower profitability than last year.
Fibre Technologies
As forecast, sales in the Cigarette Filters division are down due to previously
announced customer insourcing decisions. As part of the previously advised
restructuring of the division, further cost saving measures are being
implemented, including a headcount reduction at the UK facility on Tyneside. The
division has secured new business from a multinational customer which will
mitigate a future loss of conventional dual filter volume, previously
highlighted as being at risk, with that same customer. The division has seen
further good growth in Asia.
Revenue within the Bonded Fibre Components division is in line with last year
resulting from temporary destocking programmes by a small number of US
customers. The balance of the year is expected to benefit from new product
launches in the inkjet printer and medical product markets, together with
continued progress in Asia.
Financial Position
The balance sheet remains strong and there have been no significant changes in
the financial position of the Company.
Board Change
As announced on 10 March 2008, Steve Crummett was appointed Group Finance
Director on 19 March 2008.
Outlook
Whilst market conditions in the US have become more challenging, the Board
believes that the Filtrona Group will continue to develop satisfactorily and,
overall, the Company's expectations for the full year remain unchanged.
Enquiries:
Filtrona plc Finsbury
Mark Harper, Chief Executive James Leviton
Steve Crummett, Group Finance Director Gordon Simpson
Tel: 01908 359 100 Tel: 020 7251 3801
Note to Editors:
Filtrona plc is an international, market leading, speciality plastic and fibre
products supplier with activities segmented into Plastic Technologies and Fibre
Technologies. Further information can be found on the website www.filtrona.com
Plastic Technologies
Protection and Finishing Products
A global market leading provider of product protection and finishing solutions,
manufacturing and supplying plastic injection moulded, dip moulded vinyl and
adhesive-coated foam products. 41 operating units in 14 countries serve a broad
industrial base of 81,000 customers with a rapid supply of primarily plastic
products for protection, and finishing applications in industries such as
hydraulics and pneumatics, oil and gas, electrical controls and tubular metal
products.
Coated and Security Products
The global market leading producer of high quality self-adhesive tear tape and
an emerging supplier of products and technologies for brand protection, document
authentication, personal identification and track and trace. Customers in over
100 countries are served from facilities operating in six countries.
Plastic Profile and Sheet
A leading manufacturer of proprietary and customised thermoplastic profiles,
sheet and speciality tubes with multiple locations in the US, Mexico and The
Netherlands. The business serves 3,200 customers in 40 countries spread across
six principal markets - aerospace, point of purchase signs and displays,
medical, traffic control, lighting and fence
Fibre Technologies
Cigarette Filters
The only global independent cigarette filter supplier. The 12 worldwide
locations, including a UK based research facility provide a flexible
infrastructure strategically positioned to serve the cigarette industry. The
division supplies a wide range of value adding high quality innovative filters
from monoacetate to multi-segment speciality filters with sophisticated
adsorbent materials.
Bonded Fibre Components
With locations in the US, Germany and China, the leading manufacturer of custom
fluid and vapour handling components delivering high value and precision
performance to many of the most well-known consumer, industrial and medical
brand owners in the world. The components are used in a wide range of product
applications including writing instruments, inkjet printer cartridges, medical
diagnostic devices and air fresheners.
This information is provided by RNS
The company news service from the London Stock Exchange