Interim Management Statement

RNS Number : 5290G

Guinness Peat Group PLC

13 May 2011

 



GUINNESS PEAT GROUP PLC

Interim Management Statement

Guinness Peat Group plc ("GPG") today publishes its interim management statement ("IMS") covering the period from 1 January 2011 to 13 May 2011.  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

Net asset backing per share has remained broadly unchanged during the period, 54.48p per share at 31 March 2011 (54.63p per share at 31 December 2010).  GPG Parent Group cash at 31 March 2011 had increased to £242m (£203m at 31 December 2010).  At 31 March 2011 the liability in respect of Capital Notes was NZ$425m (£202m).  The election dates for the Capital Notes are November 2012 (NZ$348m) and December 2013 (NZ$77m).

AGM and Approval of Return of Capital

GPG's AGM and the shareholder meeting to approve the Scheme of Arrangement associated with the initial return of capital to shareholders are scheduled for 8 June 2011.

Coats

Coats has started the year positively with both the Industrial and Crafts Divisions ahead of last year in the first quarter.

Whilst the Industrial Division is facing continued input price pressures, plus some local disruption to customer activity in North Africa and also North East Asia arising from the recent events in Japan, the business has performed well in the first quarter.

Working capital remains a key focus for management.

GPG recently announced that a date of 24 May 2011 had been set for the oral hearing in respect of Coats' appeal against the fine levied by the European Commission with regard to an alleged market-sharing agreement in the haberdashery sector involving Coats Holdings Limited.  Coats has subsequently been notified of a delay to the date of this hearing to 7 July 2011.  GPG has been advised that judgment is expected within one year from the date of the oral hearing.

Half Year Results

GPG is scheduled to release its 2011 half year results at the end of August.

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]

13 May 2011

 

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