27 June 2008
Filtrona issues a pre-close trading statement.
Filtrona plc (‘Filtrona’), the international market leading speciality plastic and fibre products supplier, today issues a pre-close trading statement ahead of its interim results for the six months ending 30 June 2008, which will be announced on 28 August 2008.
Filtrona has continued to deliver results in line with those outlined within the Interim Management Statement released on 24 April 2008 and overall trading conditions remain unchanged.
Plastic Technologies continues to perform ahead of the prior year whilst, as expected, Fibre Technologies’ performance remains below the prior year.
The Protection and Finishing Products division has continued to make good progress with particularly encouraging performance within the European operations and at Duraco in the US.
The Coated and Security Products division has maintained its good performance and the second half of the year will benefit from increased sales of the Payne Security authentication system.
The Plastic Profile and Sheet division is trading below the prior year primarily as a result of lower US demand.
The Cigarette Filters division has continued to perform well in Asia and the new special filter business secured with a multinational customer will commence production in the second half. As anticipated, overall performance in the division remains below the prior year and the operating results will include a £1m charge arising from restructuring at the UK facility.
The Bonded Fibre Components division has been impacted by some customer destocking and a delay to the start of the back-to-school writing instrument reservoir selling season in the US. The second half will benefit from new product launches in the inkjet printer and medical product markets.
The Board remains confident that the Filtrona Group will continue to deliver satisfactory performance and meet the Company’s expectations for the full year.