AGM Statement

RNS Number:6261N
Abbeycrest PLC
16 July 2003



For Immediate Release Wednesday, 16th July 2003

Chairman's AGM Statement


Abbeycrest Plc, the UK's largest designer and manufacturer of gold and silver
jewellery, held its Annual General Meeting at 2:00pm today.

All resolutions were duly passed.

As regards the Group's current trading and prospects, Mr. Michael Lever,
Chairman, told the meeting:

"The first half of 2003 has seen a largely stagnant global jewellery market,
which has been affected by both geo-political events this year as well as the
spread of the SARS virus throughout South-East Asia. Abbeycrest has not been
immune from this slow-down and, as I stated in my Chairman's report to the 2003
accounts, trade in May was disappointing. I am pleased to say, however, that
this does seem to have been a temporary reaction to international events and
trade in June has met our budget aspirations and exceeded the equivalent period
last year. A continuation of this trend would lead us to look forward with
confidence to the coming autumn/winter season.

I am also pleased to state that the much improved control over working capital
that I mentioned in my year-end statement, has also continued. Stock levels are
currently around 75% of last year's levels, with this major improvement being
reflected in markedly lower borrowing levels. The Board remains committed to
lowering the gearing of the Group and regaining its profitability over this
current financial year.

Our prudent approach to accounting generally, and provisioning in particular,
which was established in October, has been maintained. Whilst this will reflect
on the half-year figures for the first time this year, we feel it better effects
the reality of the trading cycle.

As a final point, I am pleased to announce that an appointment has been made to
the key managing director's post at our largest subsidiary - G & A Limited. The
post has been vacant for nine months and the Board has consciously held off
making an appointment until it was clear that the right candidate had been
identified. We wish the new incumbent, Mr. Andrew Clark, every success.
Previously he worked as Managing Director Silentnight Beds and Chief Executive
of their Branded Furniture Businesses.


                                - ends -

Enquiries:

Michael Lever, Chairman
Tel: [phone]

Phil Walker, Finance Director                                              
Tel: [phone]

Paul Vann, Binns & Co                                                    
Tel: [phone]



                      This information is provided by RNS
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