Trading Statement
24 Februar 2009 - 3:01PM
UK Regulatory
TIDMLTS
RNS Number : 8050N
Litho Supplies PLC
24 February 2009
Litho Supplies Plc
("Litho Supplies" or the "Company")
Trading Statement
The Company provided an update to the market on trading on 19th November 2008
and highlighted the ongoing
difficulties being encountered within the
printing industry.
During 2008, the board has undertaken significant steps to reorganise the
business and reduce operating costs. The restructuring of the business was
designed and implemented in anticipation of a challenging trading environment.
In light of ongoing market conditions, these steps have continued in into 2009.
The board continues to review overheads and will respond as appropriate to
market developments.
At the end of 2008, the board decided that it was appropriate to exit the
digital printing market which formed part of the electronics division. As a
result of this decision the Company has incurred a one-off write down on
inventories, which will contribute to full-year 2008 losses.
Group turnover for the year ended 31st December 2008 is expected to be in the
region of GBP48.5m. As a result of the challenging trading environment, together
with substantial additional reorganisation costs, the Company now expects to
report a loss for the year greater than market expectations.
As a result of steps taken to restructure the business, annual operating costs
have been reduced by GBP1.1m. The board anticipates making further substantial
cost savings in 2009.
In these unprecedented prevailing market conditions, current trading remains
very challenging. The board is focused on identifying further cost savings and
exploring ways to return the business to profitability. Your board continues to
have constructive discussions with its bankers to increase its facilities, which
have been maintained at their prior levels, within which the Company has
continued to operate.
The indications within the industry are that the Company is maintaining market
share and the board is continuing to develop new technologies with new and
existing suppliers.
Further updates will be provided in due course.
For further information please contact:
Michael Hammond, Chief Executive, Litho Supplies PlcTel 01332 873921
Andrew Raca, Blaine Tatum, Blue Oar Securities Plc Tel 020 7448 4400
This information is provided by RNS
The company news service from the London Stock Exchange
END
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