Yorkshire Group PLC
13 July 2001
13 July 2001
Yorkshire Group Plc
At the time of the preliminary announcement of the 2000 results, it was
highlighted that 2001 had opened more slowly than the beginning of 2000
particularly in the US where the sharp economic slowdown was putting
additional pressure on our customer base.
This slowdown has now affected not only the US but also European and Asia
Pacific markets, especially where customers export to the US.
There are at present no signs that there will be any improvements within our
market place during the remainder of 2001 and as a result group profit before
tax in 2001 is likely to be around break even.
As long as the timing of recovery remains uncertain the directors feel that it
would be imprudent to declare an interim dividend for 2001 but will re-assess
the situation at the full year with respect to the final dividend.
The Board has taken steps to offset the full impact of reduced sales by
accelerating the planned reduction in the group's cost base. The directors
believe that the aggressive re-structuring actions taken during the course of
the year, including the closure of two plants in Europe, major cost reduction
and consolidation in the US and the strengthening of the Asia Pacific
management team, will materially benefit the group during 2002. Accordingly,
the directors are confident that the group's prospects in 2002 will be
significantly more encouraging.
Andrew Dick, Chief Executive
Stevan Fowler, Group Finance Director Tel: 0113 2443111
David Nolder - Citigate Dewe Rogerson Tel: 020 7638 9571