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Havelock Europa PLC (HVE)

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Thursday 01 April, 2010

Havelock Europa PLC

Trading Update & Board Change

RNS Number : 6112J
Havelock Europa PLC
01 April 2010

Thursday 1 April 2010



Trading Update and Board Changes


Havelock (HVE.L), the Educational and Retail Interiors and Point of Sale Printing Group, announces a further trading update and board changes.

The Group is in the final stages of completing its audited accounts for the year ended 31 December 2009 and plans to announce its preliminary results before the end of April 2010.  The Board does not anticipate declaring a final dividend for the year ended 31 December 2009.

In relation to the current year ending 31 December 2010, the Board is not expecting a full return to normal trading conditions in the markets in which the Group operates.  However, over the last three months, there has been an encouraging increase in the level of enquiries and in new orders received.  The Board believes that it has rectified the operational issues which arose in 2009 and that the cost savings generated through the integration of the Group's Retail and Educational Interiors businesses are now being realised.  Overall, the Board is cautiously optimistic that the Group is now in a position to move forward again and continues to believe that there will be an improvement in trading in 2010.

As was announced on 12 January 2010, the Group's bankers have been kept fully informed of the Group's trading performance and are supportive.  The Company has been discussing revised facilities with its bankers and has reached agreement in principle, on satisfactory terms.  These facilities are subject to documentation, which is expected to be completed during April 2010.

The Board has been considering how the future development of the Group can best be achieved and, in particular, its succession plans for its Chief Executive, Hew Balfour.  Mr Balfour, who will be 59 at the time of his next birthday and who has held the role since August 1989, is stepping down with effect from 1 April 2010.  Accordingly, the Company has appointed Mr David Hurcomb as interim Chief Executive and a director of the Company with effect from 1 April 2010, and the Board has commenced a search for a permanent replacement appointment as Chief Executive.  

Mr Hurcomb, who is aged 46, was, until December 2009, a director of Carillion plc, a £5.4bn support services company with construction interests.  Previously, Mr Hurcomb was a director of Mansell plc, a substantial construction contractor.  Mr Hurcomb has confirmed that there is no other information required to be disclosed under the requirements of Listing Rule 9.6.13 in relation to this appointment.

Commenting on the Board changes, Mr Malcolm Gourlay, Chairman of Havelock Europa plc, stated:

"I would like to take this opportunity to thank Hew Balfour, both personally and on behalf of the Company, for his commitment and vigour over many years.  Hew joined Havelock as Chief Executive in 1989 and has led its growth and expansion into print and education and leaves it as a much bigger business with a greatly improved spread of activities.  I would also like to welcome David Hurcomb to the Board.  His knowledge and relevant experience should be of great assistance to Havelock whilst we search for a permanent replacement for Hew."




Havelock Europa PLC


  Malcolm Gourlay (Chairman)


  Grant Findlay (Finance Director)


Bankside Consultants Limited


  Charles Ponsonby

020-7367 8851



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