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Chapelthorpe PLC (CPL)

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Friday 18 July, 2008

Chapelthorpe PLC

AGM Statement

RNS Number : 4000Z
Chapelthorpe PLC
18 July 2008
 



18 July 2008


CHAPELTHORPE PLC


AGM STATEMENT


At the Annual General Meeting of Chapelthorpe plc today the Chairman, Leslie Goodman, commented:-


'Our trading performance in the first three months of our financial year is broadly in line with our expectations.  


As we anticipated in our Preliminary Statement issued on 11 June 2008, our US fibres operation has experienced a general downturn in demand.  We have been quick to act to reduce costs and headcount in our US operation has been reduced by over 9% since the year end. This weakness has been balanced by solid demand in our European fibres operations.  In the last few weeks our fibres businesses have faced rapid and substantial rises in raw material prices.


Specialist Coatings has continued to perform in line with expectations although there are some initial signs that consumer demand for wallcoverings in the UK is beginning to cool.


As we indicated in our Preliminary Statement, given the uncertainties over raw material prices and the general economic slow-down, we remain cautious in our view for the full year.  We anticipate that trading performance will weaken over the coming months but we continue to take actions to ensure we can optimise performance in increasingly difficult trading conditions.' 



For further information, please contact:



Leslie Goodman, 

Chairman, Chapelthorpe plc

    

01924 248200


Ian Powell, 

Group Chief Executive, Chapelthorpe plc


01924 248200

Ken Fleming/Neil McDonald, 

Brewin Dolphin Investment Banking

0845 213 1122




This information is provided by RNS
The company news service from the London Stock Exchange
 
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