AGM Statement

RNS Number : 1244V

Intimas Group PLC

23 May 2008

 



Intimas Group plc

Management changes and trading update

Intimas Group plc ('Intimas' or 'the Group') is a designer and supplier of ladies' intimate apparel, with a portfolio of brands including Lepel, Charnos and Ted Baker Intimates. At today's Annual General Meeting ('AGM'), John Gibson, Chairman, will make the following comments on management changes, progress with a Strategic Review, and current trading.

'Carol Duncumb, Group Chief Executive, will be leaving the business at the end of August. Carol has been Chief Executive of Intimas since December 2002 and has been the major driving force behind the development of the Lepel brand. A committed brands champion, Carol also completed the acquisition of the Charnos business in 2006.  

'During her time in Intimas, Carol has worked tirelessly to promote the business and its products with customers, consumers and suppliers and we are very grateful for her efforts. Carol will continue to work in the business over the next couple of months to ensure a smooth handover of her responsibilities to the team that she has brought into Intimas during the past 18 months. We wish Carol every success in the future.

'As announced in our Annual Report, Peter Newbold is also stepping down from the Board at the conclusion of the AGM after 22 years as a director of the Group, the last six of which have been as a non-executive director. I would like to thank Peter for all his efforts over that time.

'I will be assuming the role of Executive Chairman on a temporary basis, as a consequence of these changes. We are actively reviewing the composition of the Board, but anticipate the recruitment of at least two new non-executive directors, and will provide an update on that situation by no later than the time of our Interim Results announcement in September.

Strategic Review

'Over the past two months, we have looked at all parts of the business, divisional plans for the future and the level of resources deployed in each area. The Review is drawing to a close and, in due course, we will communicate the conclusions to all our stakeholders. Today, I would like to mention a few highlights:

• We believe that our brands business needs to be managed as one unit and therefore we will relocate the Charnos business from its offices in Ilkeston to the Long Eaton site by August 2008.

• We believe that both our brands and private label businesses are capable of delivering significant growth over the next three years.

• Our high street stores are performing significantly below initial expectations and there will be no further roll-out in the foreseeable future. 

• Despite the difficult economic environment in which we and our customers are operating, we are making progress in terms of stock clearance and our factory outlets are an important part of that clearance activity. However, no further expansion in the number of outlets is envisaged.

• Central overhead costs will be rigorously controlled.

'I would hope to disclose fuller details of the Review at the time of our Interim Results.

Trading Outlook

'Performance for the first four months of the financial year is ahead of last year and in line with expectations. As widely reported, high street retailers and the clothing sector in particular are suffering a significant downturn and we continue to view the outlook for the remainder of the year as challenging. Nevertheless, we do anticipate a significantly better first half and full year performance than in 2007.'

23 May 2008

ENQUIRIES:

Intimas Group plc	Tel: [phone]
John Gibson, Chairman
Tim Laughton, Finance Director
KBC Peel Hunt (Nominated Adviser)	Tel: [phone]
Matt Goode
College Hill	Tel: [phone]
Gareth David

 

END

 

 

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