Armour Group plc, the UK's leading consumer electronics group
focused on the in-car communication and entertainment and
home entertainment markets is holding its Annual General
Meeting at 12.00 today. George Dexter, Chief Executive, will
make the following statement:-
"The start of the new financial year has remained challenging
in terms of sales in the core consumer facing markets served
by the Group. However, the actions taken by the Board in the
last nine months to lower the cost base, improve gross margin
performance and focus activities on the core brands has meant
that the operating result for the Group is much improved on
the prior year.
Armour Home, which has felt the full force of the consumer
slowdown, has made good progress following its
re-organisation last year. The lower operating cost base
combined with improving margins and the launch of new
products has significantly offset the impact of falling sales
volumes. Our expectation is that the Home division will
return to a profit in the second half of the year.
Armour Automotive has continued where it left off in 2011
with further out-performance against both our expectations
and the prior year. Strong demand in the non-retail sales
channels of commercial and leisure vehicles and GPS/GSM
antennae has delivered good year on year growth in both sales
and operating profits. The impending launch of two
significant new products combined with a growing order book
within our non-retail customer base supports our view that
Armour Automotive will deliver above average year on year
growth in 2012.
The economic outlook continues to be uncertain and our
expectation is that there will be little change in the
conditions in our core consumer facing markets for the rest
of 2012. However, the Group's trading performance is
improving and our initiatives with regard to cost control,
margin improvement and brand focus are all working and
delivering meaningful results. Against this backdrop, the
Board continues to believe that the Group is well positioned
to take advantage of any consumer recovery as and when it
comes."
Further Details:
George Dexter Armour Group PLC Tel: 01892 502700
John Harris
Geoff Nash/Ben Thompson finnCap Tel: 020 76001658
Stephen Norcross (broking)
31 January 2012
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31 January 2012 AGM Statement |