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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Heywood Wms. | LSE:HYWD | London | Ordinary Share | GB00B1G5LS08 | ORD 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.43 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2032O Heywood Williams Group PLC 31 July 2003 31 July 2003 Heywood Williams Trading Update & Change of Directorate In the light of a loss in the six month period ending 30 June 2003, an expected shortfall in full year profits against current expectations, and the resignation of the group's chief executive, Heywood Williams, following its board meeting today, issues a trading update ahead of the formal announcement of the full interim results on 3 September 2003. In summary, the scheduled improvements in UK operations are not materialising as quickly as anticipated, and US markets remain depressed. Performance Profit before tax (before exceptional items and goodwill amortisation) for the first half of 2003 is expected to be a loss of approximately #1.7 million (H1 2002: profit of #10 million) reflecting the delayed turnaround in the UK operations and poor market conditions in the US. Net debt at 30 June 2003 is expected to be approximately #43.8 million (2002: #35.9 million) after the receipt of #8.9 million in part settlement of the legacy product rectification claim first announced in August 2002. The balance sheet was further strengthened on 23 July 2003 with the receipt of the gross proceeds to date of #34.8 million following the sale of the Creation Group to Dura. This could be increased by a further amount of up to #1.8 million dependent on Creation sales over the next year. This successful divestment builds on Creation's record setting financial performance in 2002 and maximises value for the group's shareholders. Board Change Ian Stuart has tendered his resignation as group chief executive in order to seek a new business challenge. With immediate effect, Hamish Bryce has been appointed executive chairman, and fulfils the responsibilities previously undertaken by Ian Stuart. Roger Boyes, a non-executive director, has become deputy chairman and William Schmuhl has assumed executive responsibilities for US operations. In due course, a search for a new group chief executive will be initiated. Dividend In its circular to shareholders proposing the disposal of the Creation Group, the company undertook to maintain the 2003 dividend at 2002's level of 15 pence per share, in the absence of unforeseen circumstances. The board confirms it will maintain this undertaking post this announcement. Operational Reviews The UK turnaround has not progressed at the rate expected, particularly in the Plastic Systems Division and Coldseal. At Plastic Systems costs have to be reduced further and demand has yet to recover to the levels anticipated following the supply chain disruption which arose in late 2002 and early 2003. The situation is slowly improving and all efforts are being directed towards accelerating this process. Coldseal, our retail double glazing business, underperformed our expectations. Efforts to raise margins, improve productivity and strengthen management did result in a better second quarter performance, but there is still a long way to go to return this division to satisfactory profitability. Mila, our specialised component wholesale division, performed satisfactorily, although their results were held back because of the weakness of Sterling versus the Euro. In the US, the manufactured housing (MH) market remains depressed and well below the level of the previous year. Pipe volumes and margins have weakened as recently distributor stocks have temporarily run ahead of final demand. We anticipate some recovery in pipe markets later in the year, but the timing of the long awaited MH recovery remains uncertain. Prospects Overall, the second quarter showed an improving trend on the first and was profitable. Looking forward, we expect the second half to be below prior year levels. In the UK we will continue to drive the operational turnaround in the Plastic Systems Division and at Coldseal. Mila will build on its inherent strengths to improve margin and grow market share. The remaining US businesses will continue their strong and proven focus on operational efficiency and cost control as they await a return to more normal market conditions. With the group's strong balance sheet, inherently cash generative businesses and significant market positions in each of its five principal areas of activity, the board, whilst fully recognising the challenges ahead, remains confident for the longer term prospects of the group. For further information please contact: Heywood Williams 01484 487200 Hamish Bryce Executive Chairman Financial Dynamics 020 7831 3113 Jon Simmons Meg Baker Notes to editors: In the UK, Heywood Williams is the market leader in PVC windows, doors and conservatories; in the US it is a leading supplier of components to the manufactured housing and recreational vehicle market; and a major producer of plastic pipe products. This information is provided by RNS The company news service from the London Stock Exchange END TSTRBMATMMTJBTJ
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