Interim Management Statement

RNS Number : 4222C

Guinness Peat Group PLC

12 November 2009

 



GUINNESS PEAT GROUP PLC

Interim Management Statement

Guinness Peat Group plc ("GPG") today publishes its interim management statement ("IMS") covering the period from 1 July 2009 to 12 November 2009. This IMS has been prepared solely to provide additional information to shareholders to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules and should not be relied on by any other party or for any other purpose.

Financial Position

As set out in the half-yearly financial report GPG's financial position continues to be strong with significant liquid resources. Net asset backing per share has improved during the period, mainly as a result of the strengthening of Australian and New Zealand currencies against sterling - 52.59p per share at 30 September 2009 (49.96p per share at 30 June 2009). GPG Parent Group cash at 30 September 2009 was £263m (£259m at 30 June 2009).

Coats

Coats Crafts results have benefitted from the restructuring process in Europe and strong performance in North America.

As a result of the global recession activity levels in the Industrial business remain subdued and management has continued to take steps to reduce operating costs.

Overall Coats has shown much resilience and has made further improvements in its working capital management and debt position.

Full Year Results

GPG is scheduled to release its 2009 full year results at the end of February 2010.

The financial information on which this statement is based has not been reviewed or reported on by GPG's auditors.

Chris Healy
Company Secretary
Guinness Peat Group plc
Tel: [phone]

12 November 2009

 

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