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Share Name | Share Symbol | Market | Type |
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Accor | TG:ACR | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.02% | 44.91 | 44.95 | 44.97 | 44.93 | 44.62 | 44.62 | 17 | 10:35:23 |
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: 0113 284 5702 Phil Walker, Finance Director Tel: 0113 284 5702 Paul Vann, Binns & Co Tel: 0207 786 9600 This information is provided by RNS The company news service from the London Stock Exchange END AGMFGGMNDVMGFZM
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