Chloride Group PLC Trading Update
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Prior to publication of its results for the year ended 31 March 2009, the Board of Chloride Group PLC ("Chloride" or "the Company") provides the following trading update:
Further to its third quarter Interim Management Statement, the Board of Chloride is pleased to report that trading for the year ended 31 March 2009 was in line with expectations and well ahead of the previous year. Operating cash flow was strong, resulting in a further reduction in net debt.
Overall sales growth, in constant currency, was satisfactory with the Group's performance benefiting from currency movements over the period. Service revenue growth has been strong, emphasizing the benefits of Chloride's total solutions approach and the robustness of its business model. Operating margin has improved as expected.
Looking ahead, product order intake has been solid with growth in our industrial business offsetting softening in some sectors of the standard business. The Board will continue to monitor carefully all Chloride's chosen markets and the performance of its businesses, aware of the challenges posed by the prevailing economic environment. Mindful of this, action will continue to be taken to manage the cost base.
Chloride's preliminary results will be announced on 1 June 2009.
Commenting, Chief Executive Tim Cobbold said:
"Chloride's total solutions approach and increasingly balanced market exposure combined with a resilient, service-oriented, cash generative business model underpinned a strong financial performance. Although current market conditions remain challenging the business is well positioned to continue to perform."
Enquiries:
Chloride Group PLC
Tim Cobbold (Chief Executive)
Telephone: +44 (0) 20 7881 1440
Neil Warner (Finance Director)
Telephone: +44 (0) 20 7881 1453
Hudson Sandler
Telephone: +44 (0) 20 7796 4133
Andrew Hayes/Kate Hough
