ATU Airbath

RNS Number:1361W
Airbath Group PLC
20 May 2002


Airbath Group plc (the "Group")

Pre Close Period Trading Update

20 May 2002


The interim report for the period ended 30 September 2001 released on 18
December 2001 stated that the 41 week period to 31 March 2002 would represent a
period of considerable change and consolidation across the Group. These changes
have now been implemented and included a restructuring of both of our divisions,
the strengthening of their management teams and the closure of one production
site.


Total exceptional costs for the period are now anticipated to be approximately
£900,000. Of this, approximately £400,000 was incurred as a result of the above
restructuring. The Directors have also carried out a complete review of the
business and decided that certain provisions should be made for stock, rebates,
customer returns and other customer trading issues. These provisions will have
the effect of increasing exceptional costs by approximately £200,000.


In addition, approximately £300,000 of costs relating to the acquisition by the
Group of its subsidiaries, which would have been capitalised had acquisition
accounting been applied, will be written off as exceptional costs in the year
due to the application of merger accounting.


The period has seen steady sales in bath division products rather than the
increase that was previously forecast. This has been addressed by withdrawing
from selected products which have not met our expectations and by launching a
range of new products. The bathware division has seen the introduction of the
wood products and has succeeded in securing a new account win for its plastic
products.


The Directors believe that the above issues are generally of a one-off nature
but reported earnings per share before exceptional items for the period to 31
March 2002 will be approximately one third lower than that which the Directors
believe the market is currently expecting.


The board will be making a more complete statement regarding trading for the
first quarter of the current year in its preliminary results announcement which
will be made on 23 July 2002.


Enquiries:


Airbath Group plc

Clive Gilham, Executive Chairman

01422 349 401


Brown, Shipley & Co. Limited

Philip Johnson

0161 214 6540




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

Grafico Azioni Airbath (LSE:ATU)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Airbath (LSE:ATU)
Storico
Da Giu 2023 a Giu 2024