AGM Statement

RNS Number : 6218G

Leeds Group PLC

03 February 2010

 



Issued on behalf of Leeds Group plc

Date: Wednesday, 3 February 2010

IMMEDIATE RELEASE

Leeds Group plc

Annual General Meeting

At today's Annual General Meeting, Ewen Wigley, Non-Executive Chairman, told shareholders:

"In our preliminary results announcement made on 9 December 2009, the Group reported a loss for the year to September 2009 and noted that action had been taken to control costs and improve margins at Hemmers-Itex, our German based importer and distributor of fabrics.  I am pleased to be able to report that revenue for the first three months of the current financial year at Hemmers-Itex continues to be broadly in line with management expectations, margins have improved and the business is trading profitably.  Moreover the focus on reducing working capital has continued, leading to lower than expected debt levels at Hemmers-Itex.

I am also pleased to report that the first full year of trading at the Chinese subsidiary of Hemmers-Itex has been successful, and it now contributes to the Group profitability.  We continue to explore ways to expand the business in China. 

The economic climate remains challenging for both Hemmers-Itex and its clients, and we will continue to monitor the business closely."

Subsequently, all resolutions were duly passed.

Enquiries:
Leeds Group plc	Citigate Dewe Rogerson	Seymour Pierce
Ewen Wigley, Chairman	Fiona Tooley	Catherine Leftley
Tel: [phone]	Tel: [phone] or 07785 703523	David Foreman
Malcolm Wilson, Company Secretary		Tel: [phone]
Tel: [phone] or 07801 224618

 

END

 

 

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