Havelock Europa, (AIM:HVE.L), the retail and educational
interiors and point of sale printing group, today provides an
update on trading ahead of its final results for the year to
31
December 2011. The Board expects to report that the Group's
trading for the year to 31
December 2011 was in line with its earlier expectations.
As in previous years, trading in the second half was stronger
than the first half. In the Interiors Division, however,
activity levels were below those achieved in the second half
of 2010 reflecting delays in orders from some significant
customers who carried out re-tender exercises and also,
inevitably, as a consequence of difficult economic
conditions. The Print Division performed well but the
Educational Supplies Division continued to operate in a weak
direct to schools market.
In respect of 2012, the Board believes the results of the
re-tenders, referred to above, will be favourable and
generate an increase in activity with those customers.
Additionally, good progress continues to be made with new
customers, particularly in the financial services sector. On
25 October 2011, a £20 million education framework agreement
with Balfour Beatty Construction was announced which will
provide additional educational projects. These factors
together with an increased order book position at 1 January
2012 improve the visibility of revenue for 2012 relative to
previous years.
Control of costs remains a focus and in 2011 good progress
was made. This combined with improved working capital
management had a positive overall effect on the business
resulting in a significant reduction in net debt.
Eric Prescott, Chief Executive
Grant Findlay, Finance Director
James Grace
Keith Anderson
020 7597 4000
Robert Ballantyne
Shan Shan Willenbrock
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