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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hill Station | LSE:HLL | London | Ordinary Share | GB00B0335224 | ORD 0.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.07 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Hill Station Plc (the "Company") Trading and financing update On 20 August 2007, the Company announced it had raised approximately £3 million by the placing of 1,320,000,000 new ordinary shares at 0.25 pence per share. The net proceeds of the placing were intended to fund the acquisition of the trading assets of So Real Ice Company Ltd as well as providing sufficient working capital for the Company through the winter months and into the next `ice cream season' in March 2008. Trading since August 2007, through to October 2007, has continued to be difficult with sales being significantly below budget which has had an adverse effect on the financial condition of the group. The substantial stock overhang created by the unseasonably poor weather in the summer has continued to be traded out reflecting lower than expected production. Structural changes in the sector are creating substantial opportunities in the near term, offsetting the pressures being created by lower than anticipated sales over the recent months. Consequently, the Company is currently monitoring its working capital position and short term financing requirements. The Board however, is pleased to announce progress that has been made since August 2007 in the following areas:- * The transfer and integration of the So Real Ice assets was completed by late September 2007, on time and on budget; since then all So Real Ice products are made in Cwmbran; * Price increases are being agreed and implemented ,mainly with immediate effect, with customers following a year of significant raw material increases; * New business opportunities have arisen from both new and existing customers; and * Manufacturing and overhead cost reductions have been implemented since August 2007, in excess of those budgeted. * Trade launches of new products are progressing well and should lead to increased market penetration in 2008. The Board therefore remains confident as to the medium term opportunities and prospects for the group. A further announcement will be made in due course. Enquiries:- Hill Station plc Bill Mapstone, Chairman Tel: 01633 833 000 Nominated Adviser to Hill Station plc City Financial Associates Limited Tony Rawlinson Tel: 020 7492 4777 END
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