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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Axeon Hldgs | LSE:AXE | London | Ordinary Share | GB00B08X3Q76 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 3299J Axeon Holdings Plc 02 December 2008 2 December 2008 AXEON HOLDINGS PLC ("Axeon" or the "Company") Trading Update Resignation of Chief Executive Officer Axeon, the supplier of lithium-ion battery solutions, announces that it is experiencing a further deterioration in its markets since the time of its last update to shareholders announced on 24 September 2008. The unprecedented change in the general economic environment has severely impacted customer demand in our small battery division, which supplies into the European handheld power tool market. Mobile power has been growing strongly over this year, but from a small base. While the longer-term outlook for Automotive remains encouraging, this year has seen slower demand than anticipated. This deterioration and the continued uncertain outlook through December will result in a full year outturn considerably below current management expectations. The Company has already reduced headcount and overhead; these, together with cash conservation, prioritisation of engineering resource and a focus on securing a higher margin sales mix, remain key objectives. The Company will give a trading update for the year to 31 December 2008 in January 2009. Hamish Grant has today resigned as a Director and Chief Executive Officer of the Company. Non Executive Chairman Charles Matthews and Non Executive Director Lawrence Berns have assumed executive roles supporting Chief Operating Officer Jim Ferguson. Charles Matthews said: "I would like to thank Hamish for his contribution to the Company over its formative years. I am pleased that Lawrence has agreed to move to an executive position with the Company. His general and strategic management knowledge and experience in the automotive sector gained internationally with ArvinMeritor, ITW, Hella and GM will be of great help to Axeon as we re-structure the business through this difficult economic climate. In addition, the recent appointment of Jim Ferguson brings important and valuable expertise in electronic contract manufacturing to the management team." CONTACT Axeon Holdings plc Charles Matthews, Executive Chairman Tel: +44 (0)1382 400040 Lawrence Berns, Executive Director Tel: +44 (0)1382 400040 David Campbell, CFO Tel: +44 (0)1382 400040 Rebecca Trengove, Group Marketing Manager Tel: +44 (0)1382 400040 www.axeon.com Gavin Anderson & Co Ken Cronin / Robert Speed / Janine Brewis Tel: +44 (0)20 7554 1400 Arbuthnot Securities Antonio Bossi / John Prior Tel: +44 (0)20 7012 2000 NOTES TO EDITORS About Axeon Holdings Axeon Holdings plc is Europe's largest independent supplier of lithium-ion battery solutions, manufacturing over 5 million battery packs. Axeon designs and manufactures batteries and battery management systems for three main sectors: automotive, powering the clean electric vehicles of the future; power tools, enabling new cordless tools that deliver more power with less weight; and mobile power solutions, delivering energy for innovative new products. Axeon's Battery Management System is a market-leading technology for managing lithium-ion batteries, delivering safe, durable performance. Axeon has been listed on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE: AXE) since 2005 and is headquartered in the UK, with operations in the UK, Switzerland, Germany and Poland. For more information, please see www.axeon.com This information is provided by RNS The company news service from the London Stock Exchange END MSCDFLFBVLBXFBK
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