Filtrona plc
26 June 2006
PRE-CLOSE TRADING STATEMENT
Filtrona today issues a pre-close trading statement ahead of its interim results
for the half year ending June 30th 2006.
Underlying sales growth in both Plastic and Fibre Technologies has continued to
exceed historical growth rates supplemented by some additional benefit derived
from foreign currency exchange movements.
Plastic Technologies has continued to deliver strong sales and profit growth
with an excellent performance from the North American businesses. The
FractureCode launch at the Intergraf Security Printers' conference was well
received. Sustained investment in marketing programmes, new products and
productivity improvements continues to drive growth in this business segment.
Fibre Technologies has also continued to deliver strong sales growth with
increases in special filters and a robust recovery in the household products
element of the bonded non-woven fibres business more than offsetting the
anticipated decline in mono acetate filters. Profits are expected to show a
small reduction due to two ongoing factors referred to in earlier statements,
namely higher than anticipated costs required to generate appropriate levels of
quality and productivity at the Monterrey, Mexico filters facility and the costs
of integrating the technology transferred after the closure of the Swiss filters
facility into the Jarrow facility in the UK.
Overall, in the first half of the year Filtrona made good underlying progress
though headline performance was constrained due to 2005 having benefitted from
lower central services costs in the pre-demerger period.
Despite the weaker dollar and higher interest rates, Filtrona has continued to
invest both in developing its niche market positions through service, supply
chain and new product development and in productivity improvement programmes,
particularly in the filters business. This gives the Board confidence that
Filtrona's financial performance will continue to develop satisfactorily.
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 359 100
Mark Harper, Chief Executive
Steve Dryden, Finance Director
Finsbury Tel: 020 7251 3801
Morgan Bone
Gordon Simpson
This information is provided by RNS
The company news service from the London Stock Exchange
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