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Ahead of forthcoming meetings with investors and analysts we are updating the market on recent trading.
The Board anticipates that our profit before tax and goodwill amortisation for the six months ended 30 September 2002 will be around £46m.
We last updated the market at our Annual General Meeting on 19 July 2002. Since then sales per day have continued to be flat, excluding normal seasonal reductions. Sales have been lower than expected in the United Kingdom and Continental Europe due partly to our customers’ extended holidays and partly to weaker sales to customers in the manufacturing sector. Allied in the United States has continued its modest recovery in sales per day and returned to year on year growth. Over this period Asia and Japan have also seen more positive trading.
Gross margin was higher than in the prior year, costs are being managed tightly and our cash flow has remained strong.
Recently published leading indicators such as Purchasing Managers Indices suggest continued weak markets; we do not anticipate any improvement in our trading environment through the second half.
The Board is fully committed to the Group’s well-defined strategy and believes that it will deliver substantial benefits to shareholders.
The results for the six months to 30 September 2002 will be announced on 6 November 2002.
Contacts:
| Ian Mason | Chief Executive | 01865 204000 |
| Jeff Hewitt | Deputy Chairman / Finance Director | 01865 204000 |
