Armour Group PLC
09 December 2005
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 is performing well and has made a satisfactory start to the new
financial year. Across the Group there are new contracts, the prospect of
significant repeat business from key customers, a range of new products and a
number of opportunities under development that are expected to make a positive
impact in the current financial year.
Market conditions in the automotive sector are testing, but despite this, Armour
Automotive has seen its retail business increase by 5% year on year over the
first three months. However, in the non-retail sector, where the sales pattern
is typically lumpy, the order flow has been slower than expected, though the
indications from our OEM customers for new business and orders are encouraging.
Our range of in-car connectivity solutions designed for portable MP3 players,
such as the iPod, which were launched in August 2005, have proved to be very
successful as have the new products under the Mutant brand. We are also building
relationships with the leading companies in the communications and satellite
navigation markets to develop innovative solutions that will broaden the
functionality of their products in the in-car environment. Whilst this
development work is in its early stages, we expect to see a positive sales
impact from these new products in the current financial year.
Armour Home Electronics
Armour Home Electronics has made an excellent start to the new financial year
achieving year on year sales growth of 15% over the first three months of the
year with November sales setting a record for the Division.
We are experiencing good demand across our whole range of product categories,
particularly Systemline Modular, which achieved its own record sales in November
of £200,000. Systemline Modular sales have grown at an impressive rate over the
past twelve months and our expectation is that this will continue as new
developments come on stream and the focus of increasing the conversion rates
starts to feed through to sales.
There is an exciting schedule of new product launches across all our key brands
planned for 2006. These new products are expected to further drive sales growth
in the current financial year in both our domestic and export markets.
The Board is confident of the prospects for the Group and its ongoing growth
Armour Group PLC Tel: 01892 502700
Fleet Financial Tel: 020 70670743
9 December 2005
This information is provided by RNS
The company news service from the London Stock Exchange