26 September 2003
Embargoed until 11.05am 26 September 2003
At the company's AGM held today Mr Peter Reynolds, the chairman of Wilshaw PLC
('the company' or 'Wilshaw') gave the following update on current trading.
'Trading in the current year is disappointing with demand in the period to date
down approximately 20% on the comparative period for last year. As previously
reported this fall is due to the decline in our traditional market for permanent
alnico magnets. Demand for soft magnetic components is increasing and two
contracts for the production of components used in ignition coils and automotive
air conditioning units are expected to move into production during the second
half of the year.
Although costs have been cut in response to the fall in demand, the significant
decline in sales has impacted on the profitability of the group. Consequently
the group will report a loss for the first half of the current financial year.
Trading during the second half of the year is expected to be comparable to last
For further information please contact
Peter Reynolds 020 8332 0690
This information is provided by RNS
The company news service from the London Stock Exchange