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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SS Lazio SPA | BIT:SSL | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.014 | 1.91% | 0.746 | 0.734 | 0.744 | 0.75 | 0.736 | 0.75 | 4,662 | 14:23:40 |
RNS Number:5526N SSL International PLC 15 July 2003 EMBARGOED UNTIL 1030 HRS ON 15 JULY 2003 15 July 2003 SSL INTERNATIONAL PLC AGM STATEMENT At the Annual General Meeting today, Ian Martin, Chairman, made the following statement to shareholders: "I am pleased to report that, in the year that ended on 31st March, we made strong progress in restoring your company to full financial health. In particular our sales have recovered, our operating profit after charging exceptional items of #61 million is almost three times higher than the previous year and sales of our key branded products have advanced. I am also pleased to report your company has a much firmer financial footing than at any time since the group was formed in 1998. The dividend for the year has been maintained. All this was achieved in the face of tough markets, particularly in the United States and continental Europe. You may have seen reports in the newspapers about your company being the subject of an offer to buy the group, by a third party. We announced yesterday that the board is in preliminary discussions which may or may not lead to an offer for the group. I am afraid that the rules prevent me giving further details at this stage although if there is more to report I will do my best to ensure all shareholders have access to the information at the same time. As always the interests of shareholders are at the front of our minds. In all other respects it is business as usual for the management team - the last thing you would want is for us to be distracted from running the business. An important discipline of managing any business is to review regularly the brands, products and resources - in terms of skilled staff and financial resources - in order to make sure you are exploiting your strengths to greatest effect. As a result of a thorough review your board decided that the best way forward is to focus all our efforts on exploiting the exceptional brands and capabilities we have in the consumer healthcare side of SSL and to divest our medical business. Our new strategy is simple: build on brands and grow sales, develop new products and cut costs to meet and beat industry benchmarks. Our disposal programme is well advanced and on course. The cash we get from these sales will be used to reduce the group's borrowings, which will, in turn, give us flexibility to grow the consumer side of the business. Destocking in Italian pharmacies has continued and we have experienced some slowdown in the first quarter in the Far East due to the SARS epidemic. Notwithstanding these challenging trading conditions, the year has begun satisfactorily and overall group profits to date are in line with our expectations. Be assured that your Board recognises that whilst we have made a good start and have the building blocks in place there is still a long way to go in building shareholder value." For further information: SSL International plc 020 7367 5760 Ian Martin, Chairman Brian Buchan, Chief Executive The Maitland Consultancy 020 7379 5151 William Clutterbuck Brian Hudspith This information is provided by RNS The company news service from the London Stock Exchange END AGMSFDSUISDSEFW
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