AGM Statement

RNS Number : 4992H
Eleco PLC
05 November 2008
 



For Immediate Release    

05 November 2008


ELECO plc

('Eleco' and or the 'Company')

Annual General Meeting Statement


John Ketteley, Executive Chairman of Eleco plc, the building systems and software group, made the following statement at the Annual General Meeting of the Company held today:


'Group turnover for the first quarter was ahead of last year. However operating profits were lower, reflecting significant increases in raw material costs in the period and anticipated pressure on tender prices. We also incurred one off costs associated with making further improvements in our environmental management programme.


'Against this background, I am pleased to report that project enquiry levels for our precast concrete products remained strong in the period; that some of our raw material costs are beginning to fall; and that we have taken appropriate steps to reduce costs and improve our operating margins. I am also encouraged by the resilience shown by our construction and visualisation software interests. 


'Tough conditions are expected to prevail for some time in the UK construction industry. However, given Eleco's strong financial position, it is well placed to deal with the current economic uncertainties and to take advantage of any opportunities to develop its businesses that may arise in the year ahead. I remain confident that Eleco will acquit itself well.'


For further information please contact:


Eleco plc

Tel: 01920 443 830 

John Ketteley, Executive Chairman

john.ketteley@eleco.com

http://www.eleco.com

David Dannhauser, Finance Director

david.dannhauser@eleco.com




Collins Stewart Europe Limited

020 7523 8350

Nick Ellis 




Buchanan Communications 

020 7466 5000

Tim Anderson / Isabel Podda / 

Christian Goodbody






This information is provided by RNS
The company news service from the London Stock Exchange
 
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