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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 | |
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-0.23 | -0.60% | 38.29 | 38.42 | 38.45 | 38.89 | 38.06 | 38.75 | 67 | 13:22:27 |
RNS Number:6473U Abbeycrest PLC 27 January 2004 For Immediate Release 27 January, 2004 Abbeycrest Plc Trading Update Abbeycrest Plc, the UK's leading jewellery manufacturing and distribution business reports that trading over the Christmas period has been in line with the Directors' expectations. Group sales for the four months ended 31st December were broadly similar to those for the same period last year though customers held off ordering until later in the Christmas cycle than has hitherto been the case. Our much-improved internal procedures have enabled us to satisfy these late orders from a significantly lower stockholding base, which has been pleasing. Accordingly it is anticipated that the Group's results for the year ended 28th February 2004 will be in line with market expectations. In the Group's interim results for the six months to 30th August 2003, I made reference to a fundamental business review, which is taking place at our main UK distribution business, G&A. The initial stages of the review are complete and, whilst it was stated that I would be in a position to outline the new shape of G &A and the directions it will pursue at the time of the full year announcement, I feel it is appropriate at this juncture to give some broad indications of the Board's intentions. With effect from 1st March responsibility for all jewellery manufacturing remaining under the control of G&A, as well as all current manufacturing operations in Thailand will pass to a Group manufacturing director who will be responsible direct to the plc Board of Directors. I believe this will give manufacturing the focus and attention that it needs to achieve world class levels of efficiency. Until now, G&A has sold product into the export market from the UK. From the new financial year this will change and export sales will be co-ordinated by a sales organisation, "Abbeycrest International", which will report direct to the plc Board. The purpose of this arrangement will be to co-ordinate and focus the third-party sales efforts of all our Far East manufacturers as well as liaising with our sales agents around the world. The changes noted above in manufacturing and export will leave G&A totally focussed on UK and Irish sales and distribution. Sales generation will be further enhanced in the new financial year by ensuring that each of G&A's business channels, or routes to market, has its own dedicated team who are totally committed to developing and selling product into their own market segment. In order to improve customer service, product development and working capital control it is crucial that we improve the way G&A deals with its manufacturing and supply base. The number of suppliers will be reduced to a core of key supplier partners. In this way our buying power will be maximised with beneficial effects on cost, service levels and stockholding. All management within G&A, including directors, have been comprehensively assessed by an external consultant. In this way training needs can be identified to deliver a management team who are capable of delivering and sustaining the change required to return G&A to an acceptable level of profit. As stated in my announcement at the half-year, I intend to give more detail on these changes at the time of the full year announcement. -ends- Enquiries: Michael Lever, Chairman Phil Walker, Finance Director Abbeycrest Plc Tel: 0113-284 5702 Paul Vann/Victoria Stephens Binns & Co PR Limited Tel: 020 7786 9600 This information is provided by RNS The company news service from the London Stock Exchange END TSTUNONRSVRAUAR
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