Trading Statement (0593B)
10 Aprile 2012 - 5:31PM
UK Regulatory
TIDMHAMP
RNS Number : 0593B
Hampson Industries PLC
10 April 2012
10 April 2012
Hampson Industries PLC
Trading update
Hampson Industries PLC ("Hampson" or "the Group"), the
international aerospace group, today issues the following trading
update.
In its Interim Management Statement issued on the 14 February
2012 the Group advised that issues had been identified during the
testing and customer approval process for the Group's largest
tooling order which meant that some deliveries were expected to
move from fiscal year April 2011-March 2012 to fiscal year April
2012-March 2013 and also that the Group was assessing the overall
effect on revenue and profit in light of on-going discussions with
the customer.
While these discussions are continuing, the Board now estimates
that the Group's reported operating profit for April 2011- March
2012 will be materially lower than prior expectations. This is
principally due to the expected delay in deliveries occurring and
to both higher than previously anticipated costs as a result of
these issues and a reassessment of future costs to complete the
order. The final outcome is dependent on the conclusion of the
technical and commercial discussions with the customer.
Following precautionary negotiations with existing lenders in
March, the Group has successfully obtained a disapplication of
certain of its March 2012 covenant tests.
In the Interim Management Statement, the Board also announced
that it believed it to be prudent to review actively all financing
and strategic options, including a sale of the Group and it
therefore announced the commencement of a formal sale process.
Discussions are continuing with a number of parties with regard to
a potential sale of the Group.
End
For further information:
Hampson
John Poulter, Non-Executive Chairman +44 (0) 1384 485 345
Norm Jordan, Chief Executive +1 972 893 2190
Ram Swamy, Finance Director +44 (0) 1384 472 946
M:Communications
Ann-marie Wilkinson/Maria Souvorov +44 207 920 2330
Notes to editors:
Hampson Industries' operations are structured into two business
segments, serving the global commercial and military aerospace
markets from manufacturing facilities in the UK, North America and
India.
Hampson is a world leader in the design and manufacture of close
tolerance tooling and assembly systems for large composite and
metallic aero structures.
Hampson is listed on the main market of the London Stock
Exchange (Symbol: HAMP). For more information on Hampson:
www.hampsongroup.com
A copy of this announcement will be available at
www.hampsongroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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