Pressfit Holdings PLC Trading Update (9278U)

TIDMPFIT

RNS Number : 9278U

Pressfit Holdings PLC

21 October 2014

21 October 2014

Pressfit Holdings plc

("Pressfit Holdings", the "Company" or the "Pressfit Group")

Trading Update

The Board of Pressfit Holdings plc (AIM: PFIT), a manufacturer and distributor of stainless and carbon steel pipe connectors, has been informed by the AMCO Group (as defined in the Company's admission document), that the AMCO Group no longer expects to be able to place orders to the value of GBP1.5m during 2014, as anticipated at the time of the Company's Admission to AIM. Orders are beginning to come through from the AMCO Group, but the timing has been delayed owing, in part, to seasonal demand patterns for piping products.

The AMCO Group expects to place at least GBP200,000 worth of orders with Pressfit Holdings in the coming two months and has confirmed to the Company that any shortfall in orders placed during 2014 is expected to be covered by the end of June 2015.

The AMCO Group and the Company are in close regular contact and while the Company's Directors are disappointed that the anticipated level of AMCO Group orders will not be achieved in 2014, AMCO has reiterated its commitment to fulfil its obligations as stated in the Partnership Agreements entered into between members of the AMCO Group and the Pressfit Group, and will continue to support the Company's operations and sales initiatives in the foreseeable future.

The Board remains confident that the Company will drive shareholder value through future orders from the AMCO Group and other existing and potential customers in Europe and in China.

Further announcements will be made as and when appropriate.

Enquiries:

 
Pressfit Holdings plc 
Chiu Yung Kit (Henry Chiu)                         [phone] 
 
Daniel Stewart & Company Plc (Nominated Adviser) 
Paul Shackleton / Alex Brearley                    [phone] 
 
Daniel Stewart & Company Plc (Broker) 
Martin Lampshire                                   [phone] 
 
First City Public Relations 
Allan Piper                                        [phone] 
 

About Pressfit Holdings plc.

Pressfit Holdings is engaged in the manufacture and distribution of stainless and carbon steel pressfittings for use within industrial and residential piping systems. Pressfitting is a method of mechanically joining metal pipes to a connector, to create a reliable sealed joint. Pressfit Holdings, through its wholly-owned subsidiaries (collectively the "Group"), uses bespoke tooling to manufacture high-precision, thin-walled pipe connectors for supply to the European, Asian and Chinese markets. The Group's management and sales functions operate from Hong Kong. The Group's manufacturing unit is a production line facility in nearby Zhuhai, within Guangdong province in China.

This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTUAOVRSVARUAA