Powerflute Oyj AGM Statement (3378Z)
26 Maggio 2016 - 8:00AM
UK Regulatory
TIDMPOWR
RNS Number : 3378Z
Powerflute Oyj
26 May 2016
26 May 2016
POWERFLUTE OYJ
AGM STATEMENT
Powerflute Oyj ("Powerflute" or the "Group") today provided the
following update on trading at the Annual General Meeting of
shareholders held in Kuopio, Finland.
The Group continued to perform well during the first four months
of 2016, achieving trading results broadly in line with those of
the same period of the prior year despite encountering less
favourable market conditions.
In Coreboard and Cores, the economic slowdown in China impacted
on results in the region, but businesses in the US continued to
perform strongly and some underlying improvement on the prior year
was achieved in Europe. In Packaging Papers, the order situation
continued to be challenging and margins remained under pressure due
to softening of demand in containerboard markets worldwide and the
impact of capacity increases in SC-fluting which will take some
time for the market to absorb.
Although the second half of the year is expected to be more
challenging, the Group remains well positioned in attractive
markets and we expect that further benefits from the operational
improvement programmes currently underway in each of our businesses
should help to mitigate the impact of more challenging market
conditions.
Ends
For further information, please contact:
Powerflute
Dermot Smurfit (Chairman) c/o Oliver Winters,
Marco Casiraghi (CEO) FTI Consulting
David Walton (CFO) +44 20 3727 1535
Numis Securities
Mark Lander (Corporate Broking)
Andrew Holloway / Jamie
Lillywhite (Nominated Advisor) +44 20 7260 1000
FTI Consulting
Oliver Winters
Tom Hufton +44 20 3727 1535
About Powerflute
Powerflute is a paper and packaging group quoted on the AIM
market of the London Stock Exchange (Ticker: POWR) which seeks to
acquire businesses with strong fundamentals whose performance can
be improved through a combination of management focus and targeted
investment.
The Group currently has two main activities; Packaging Papers
which trades under the name Powerflute and operates a paper mill in
Kuopio, Finland producing a specialised form of Nordic
semi-chemical fluting used in the manufacture of high-performance
corrugated board; and Coreboard and Cores, which trades under the
name Corenso and is a leading international manufacturer of high
performance coreboard and cores, with coreboard mills in the United
States and Europe and a network of core producing facilities in
Europe, North America and China.
Nordic semi-chemical fluting is made from locally sourced birch
and boxes manufactured using it demonstrate superior strength and
moisture resistance and are used for transportation of fruit and
vegetables, high-value industrial goods such as electrical
appliances and automotive components. The Kuopio mill is one of
only three suppliers of Nordic semi-chemical fluting in Europe.
Cores and coreboard are manufactured from recycled paper and are
used for applications in paper, packaging, textiles, steel,
aluminium and many other industries. Coreboard and cores produced
by Corenso demonstrate superior strength and rigidity and are
suitable for use in the most demanding applications.
For further information, please visit www.powerflute.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 26, 2016 02:00 ET (06:00 GMT)
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