Armour Group PLC
08 December 2004
ARMOUR GROUP PLC (THE 'GROUP')
Annual General Meeting
Armour Group plc, the UK's leading consumer electronics group focused on the
in-car communication and entertainment and home entertainment markets is holding
its Annual General Meeting at 12.00 today. Bob Morton, Chairman, will make the
The Group's new financial year has started with trading in both divisions ahead
last year and in line with market expectations. We continue to win new business,
develop new products and have a number of exciting opportunities which should
make a positive impact in the current financial year.
Armour Automotive has continued to win new business, particularly within our
Veba brand of in-car multi media entertainment systems. We have secured a new
agreement with Mitsubishi Motors for their Shogun model and today have announced
an agreement with Rolls Royce Motor Cars to supply an aftermarket in-car DVD
system for the Rolls Royce Phantom. Both these new contracts are expected to
start immediately with the first deliveries scheduled for December 2004. In
addition, we expect to commence this month the production of our designed
solution for BMW with the first deliveries most likely to start in January 2005.
This solution is now expected to be offered on at least one other model in the
BMW range, which would increase the potential for our sales to BMW. There are a
number of further opportunities with vehicle manufacturers that are currently
under discussion and our expectation is that a proportion of these will convert
into sales over the course of the current financial year.
Our telemute and cellular business has showed encouraging growth since the
beginning of the new financial year. Given the recent pronouncements from the
Government with regard to increasing the penalties for illegal use of mobile
phones in vehicles and a stronger emphasis on policing this legislation, we are
optimistic with regard to the sales prospects of our cellular product range in
the current financial year.
Armour Home Electronics
In Armour Home Electronics, Systemline Modular, our latest generation of the
multi-room entertainment system, continues to attract considerable interest and
support from both home builders and specialist installers of home automation
products. In our 2004 Annual Report, we stated that over 2,500 homes were being
scheduled to be pre-wired to offer Modular as an option to the home buyer, this
figure is now in excess of 4,000 homes. In addition, there are over 375 homes
where Systemline Modular is being specified as a standard fitment and there are
ongoing discussions with a number of national home builders with regard to the
inclusion of Systemline Modular within their option and build programmes. We are
confident that these discussions will add significantly to the 4,000 homes
already committed to offer Systemline Modular to the home buyers.
In early November 2004, the Group acquired Myryad Systems Limited, a small
specialist hi-fi business. Myryad, which designs and manufactures a range of
amplifiers, CD players, FM tuners and DVD players, will be integrated into the
product business within Armour Home Electronics. This acquisition will
strengthen and complement our existing brand portfolio.
The new acquisition in our service business, The Hi-End, has settled in well
with the integration process moving forward smoothly and its financial
performance meeting our expectations.
The Group has made a good start to the new financial year with performance in
line with market expectations and a very promising list of opportunities to
pursue. The Board is confident of the prospects for the Group and its ongoing
George Dexter Armour Group PLC Tel: 01892 502700
Trevor Bass Fleet Financial Tel: 020 70670743
8 December 2004
This information is provided by RNS
The company news service from the London Stock Exchange