AGM Statement

 

TIDMAPG 
 
RNS Number : 8126S 
Airsprung Group PLC 
16 September 2010 
 

                              AIRSPRUNG GROUP PLC 
                                  ("the Group") 
                    ANNUAL GENERAL MEETING, 16 SEPTEMBER 2010 
 
 
 
The Chairman will make the following trading statement at the Annual General 
Meeting to be held today, Thursday 16 September 2010 at 12.30pm. 
 
'In my statement at the end of June, I reported that many of our retail 
customers were experiencing a slowdown in trading activity. A snowbound January 
period was followed by overstocking in the retail sector and weak economic 
activity during the general election campaign. 
Since the election, it has become apparent that the proposed increases in direct 
and indirect taxation, and reductions in various benefits and allowances, are 
creating pressure on disposable incomes among our consumer franchise. The effect 
has been felt by us in the last quarter, particularly in our mass-market 
Airsprung Beds business, where sales are slightly lower than last year. 
Despite this difficult background, we are able to report positive news on market 
development. We have agreed improved terms to our licensing agreement in the USA 
which will bring extra profits into the Group. Similarly, in the UK, we have 
granted a licensing agreement for the use of the Airsprung brand on pillows, 
duvets and other bedding products, which will create a further new earnings 
stream. Our plans to develop the mid-market bed sector are also making steady 
progress and new tranches of business have been secured. Our management teams 
have continued to find scope for further savings both in purchasing and 
internally. 
Taking all these factors together, we expect the first half year will produce a 
reasonable level of profits, though a little short of last year. We currently 
expect a steady profit performance during the second half year, leading to a 
satisfactory outturn for the full year.' 
Stuart Lyons 
 
For further information, please contact: 
Airsprung                                 01225 779114 
Tony Lisanti, Chief Executive 
finnCap                                    020 7600 1658 
Marc Young/ Charlotte Stranner (Corporate Finance) 
Simon Starr (Corporate Broking) 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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