AGM Statement
12 Febbraio 2009 - 3:13PM
UK Regulatory
TIDMROM
RNS Number : 2390N
Romag Holdings PLC
12 February 2009
ROMAG HOLDINGS PLC
AGM Statement
At today's annual general meeting, John Kennair, Romag's chairman, will make the
following statement:
In my chairman's statement in the 2008 report and accounts, I referred to the
volatility in markets generally and in the solar market in particular, which
accounted for over 70% of group sales in the year to 30 September 2008. This
uncertainty in the solar market has resulted in a number of projects being
delayed. The group has taken action to reduce costs in the short term until
market stability returns. Despite this action trading margins in the first half
will be lower than last year.
The impact of lower margins in the first half has been mitigated by significant
gains made on the disposal of the group's currency hedging contracts, which are
no longer considered to be as strategic to the group due to recent currency
movements and changes in expected sales mix going forward. Taken together, the
directors anticipate that profits before taxation for the first half will be
ahead of last year.
Continued economic difficulties in most countries of the world and unprecedented
volatility in markets make it impossible to predict the short term future with
confidence. Romag's markets are no exception to this; however, we remain
confident of substantial growth in the solar industry in the medium term.
Romag's building integrated product range is well positioned to take advantage
of this growth, particularly in the Middle East and Europe. The group's products
have been accepted into the testing programme for the Masdar City project in Abu
Dhabi and are also being given approved vendor status for projects in several
countries throughout the Middle East.
ENQUIRIES
Romag Holdings plc
Lyn Miles, Chief Executive Tel: 01207 500000
David Banks, Finance Director
Arbuthnot Securities Limited
Antonio Bossi Tel: 0207 0122000
Tom Griffiths
Gavin Anderson & Company
Ken Cronin Tel: 0207 5541400
Michael Turner
Natalie Biasin
Note to editors:
Romag Holdings plc is a leading manufacturer of glass and plastic composites
based in Consett, County Durham. Romag has developed a range of photovoltaic
glass products (PowerGlaz) for use in the generation of renewable energy.
Romag also manufactures a wide range of products for the security, transport and
architecture markets to protect people against a variety of risks and threats.
Businesses using the group's high-impact glass products include BAA, Securicor,
government departments, banks, building societies and train operators.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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