AGM Statement

RNS Number : 9346R

Leeds Group PLC

11 November 2011

 



Leeds Group plc

(the "Company")

AGM Statement

At the Company's AGM today Kathryn Davenport, Chairman of Leeds Group plc, will make the following statement:

"In Leeds Group's last annual report I described how our trading business, Hemmers-Itex, had overcome extraordinary cost increases from suppliers of cotton goods and depressed demand from customers to record pre-tax profit of £809,000 in the eight months ended 31 May 2011. 

"I am pleased to be able to report that the trends set last year have continued into the first five months of the current financial year. The continued focus by the management team at reducing working capital has resulted in lower than expected debt levels.  Although sales volumes continue to be below the equivalent period last year, the sales price increases we have achieved have nevertheless led to modest growth in sales revenue and profitability a little ahead of our expectations. 

"At the same time, I have to say that the outlook for the second half of the year is uncertain. Although prices of cotton goods have been falling, as the debt crisis within the Eurozone unfolds we are experiencing exchange rate volatility that potentially adversely affects our future cost base. It remains to be seen how the crisis will be resolved, and what impact it may have on future levels of demand for fabric in the short term.

"I would like to thank the management team at Hemmers-Itex for delivering these results in such a difficult period."

Enquiries: 

Malcolm Wilson                                                                  Tel:  [phone]

Leeds Group plc

Sarah Jacobs                                                                      Tel:  [phone]

Seymour Pierce Limited

 

END

 

 

AGMGGGPUGUPGUBG