Havelock Europa PLC Corporate Update (3254F)

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RNS Number : 3254F

Havelock Europa PLC

20 February 2018

HAVELOCK EUROPA PLC

("Havelock" or the "Company")

Corporate update

Havelock Europa PLC (HVE.L), the international interior solutions provider, is pleased to announce an agreement in principle to secure additional funding for the Company. The Company also provides an update on trading in respect of the year ended 31 December 2017.

Havelock has reached agreement in principle on a package of proposals including (i) an extension of existing senior debt facilities of GBP5 million for a committed term of two years, (ii) additional subordinated debt financing of GBP3 million for a committed term of six years and (iii) revised deficit reduction contributions payable to the pension scheme.

The effect of the changes set out above, once executed, whilst in aggregate negatively impacting Havelock's profit and loss account by approximately GBP0.5 million per annum for the next two years, will be to provide sufficient funding to support the delivery of the new strategic and short term operational plan announced on 31 October 2017.

A further announcement will be made as soon as the related agreements are executed.

Although the Company's performance in the second half of 2017 represented a substantial improvement over the first half, it is expected that the Company will continue to have been loss-making in that period.

The Board expects to announce the Company's preliminary results for the financial year ended 31 December 2017 by mid-April 2018.

Shaun Ormrod, Chief Executive said: "2017 was a difficult year for Havelock but we have begun 2018 with the business fully aligned behind the new plan we set out on 31 October 2017. With a renewed commercial focus and with the backing of our funders, I am confident that the business can return to a position of market leadership in the medium term."

- ENDS -

For further information please contact:

 
 Havelock Europa plc                Tel. 01592 648648 
  Shaun Ormrod, Chief Executive 
  Officer 
  Donald Borland, Chief Financial 
  Officer 
 WH Ireland plc (Nomad)             Tel. 020 7220 1650 
  Chris Fielding 
 Charlotte Street Partners          Tel. 0131 516 5310 
  (media enquiries) 
  David Gaffney

This information is provided by RNS

The company news service from the London Stock Exchange

END

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