Mallett (LSE:MAE)
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RNS Number : 4012H

Mallett PLC

19 May 2014

Mallett PLC

Interim Management Statement

Mallett PLC ("Mallett" or the "Company"), the dealer in high quality antique furniture and works of art, issues the following interim management statement for the period from 1(st) January 2014 to 16(th) May 2014.

Current trading

Trading for the first four and a half months of the year has been slower than we had anticipated with sales lower than for the same period last year. We had a successful European Fine Art Fair in Maastricht in March but otherwise trading has been relatively quiet, which we believe has been the case for the decorative arts market in general.

However, our trading pattern is becoming increasingly volatile with periods of lower value trading followed by shorter vigorous periods of premium trading. We are now approaching a potentially stronger period of activity including the release of our Spring catalogue, an exhibition of bronze sculptures by Ben Panting at Ely House starting on 20(th) May and the Masterpiece fair in London at the end of June. We will also shortly be going live with our exciting new website which will become a key marketing and sales tool expanding our reach around the globe.

Financial position

Our inventory level remains at a similar level to the start of the year and we have a net cash position following the receipt of proceeds from the sale of our freehold property in Clapham, London in February. A resolution is being proposed at our AGM on 27(th) May to pay a special dividend to shareholders of 12.7 pence per share, to return the majority of the proceeds from the sale to shareholders. If the resolution is passed, the dividend, totalling GBP1.75m, will be paid on 13(th) June 2014.

For further information please contact:

   Giles Hutchinson Smith, Chief Executive                        020 7499 7411 

Forward Looking Statements

This announcement may include "forward-looking statements". All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's products and services) are forward-looking statements. Forward-looking statements are subject to risks and uncertainties and accordingly the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements.

These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Listing Rules or Prospectus Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.

This information is provided by RNS

The company news service from the London Stock Exchange

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