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Share Name | Share Symbol | Market | Type |
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Amp China Ord/Units (delisted) | ASX:AGF | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:0290O Amer Group PLC 28 July 2003 Amer Group Plc STOCK EXCHANGE RELEASE 1(2) July 28, 2003 at 2.00 pm AMER GROUP REVISES 2003 EARNINGS GUIDANCE Continuous weak demand for sports equipment in the USA has negatively impacted Amer Group's expectations for 2003 as a whole. In particular golf equipment sales have been below expectations. Furthermore, the strong euro, especially against the US dollar, is also having a negative impact on the Group's growth. Amer Group's net sales for 2003 as a whole are expected to be similar to 2002's, whereas operating profit is expected to decline to around EUR 70-80 million (2002: EUR 103.0 million). In 2002, Amer Group's net sales amounted to EUR 1,101.9 million. As announced on 29 April 2003, Amer Group is re-organising its Wilson businesses in the USA in order to ensure its competitiveness is improved and to increase efficiency. Re-organising Wilson's businesses, as well as related adjustments in Wilson's cost base in line with its business and current market situation, are expected to lower Amer Group's overall cost base by approximately EUR 10 million in 2004. Industry growth has been slow in recent years but Amer Group believes that the industry's growth rate will pick up again in the future. Amer Group expects that it will be challenging to achieve rapid organic growth against this background, but the Group's healthy balance sheet and strong operating cash flow will enable it to continue its development of the business. Amer Group's interim results for the period January to June 2003 will be published on Tuesday, 5 August. Amer Group Plc Communications PTM?ivi Antola Communications Manager For further information, please contact: Mr Roger Talermo, President & CEO, tel. +358 9 7257 8210 Mr Pekka Paalanne, Senior Vice President & CFO, tel. +358 9 7257 8212 DISTRIBUTION: Hex Helsinki Exchanges Major media AMER GROUP PLC Amer Group is one of the world's leading sports equipment companies with its internationally recognised brands Wilson, Atomic, Suunto and Precor. All Amer Sports companies develop and manufacture technically advanced products that improve the performance of active sports participants. The Group's business is balanced by its broad portfolio of sports and presence in all major markets. In 2002 Amer Group made an operating profit of EUR 103.0 million on net sales of EUR 1,101.9 million. Earnings per share were EUR 2.95. At the end of 2002 the Company had 3,939 employees. This information is provided by RNS The company news service from the London Stock Exchange END TSTPUUGUMUPWGCR
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