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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Litho Supplies | LSE:LTS | London | Ordinary Share | GB0005196257 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 4376I Litho Supplies PLC 19 November 2008 LITHO SUPPLIES Plc ("Litho Supplies" or the "Company") Interim Management Statement 19 November 2008 As previously announced we have highlighted the difficulties being encountered within the printing industry as a result of the considerable uncertainties in the economy and financial markets. The board has been determined to respond to these challenges and undertake appropriate restructuring within our business. The restructuring programme has continued throughout 2008. Our central administration and accounting functions were all successfully relocated from Bristol to the Head Office in Breaston at the end of September when Simon Wellings was appointed as our new Finance Director. The new computer system is now fully operational at all the branches of our consumables business. Further restructuring has been undertaken to improve services to customers including concentrating the ink mixing service centrally in Dewsbury. Andersons (our wide format ink jet business) and Graphic Arts Equipment Limited which were previously acquired have been fully integrated into the group and continue to perform in line with management's expectations in what is a difficult market. The management team continues to work on developing synergy benefits and cross selling opportunities within these businesses for the benefit of the group as a whole We have previously reported that the impact of our reorganisation will involve the business incurring significant additional costs this financial year but will enable us to start 2009 with a cost base reduced by more than £1m compared with 2008. As a result of the economic downturn and reduced level of activity we estimate that turnover for the second half of the year will be slightly lower than for the first half. In addition the business has experienced higher levels of bad debts than anticipated. We therefore expect that the Company will make a loss before restructuring costs for the full year. Although current trading is challenging, the board has taken significant steps to reorganise the business and reduce costs. As a consequence, the Company is better positioned to withstand current economic conditions and respond positively to business opportunities. For further information please contact: Michael Hammond, Chief Executive, Litho Supplies Plc Tel 01332 873921 Andrew Raca, Simon Moynagh, Blue Oar Securities Plc Tel 0207 448 4400 This information is provided by RNS The company news service from the London Stock Exchange END IMSBIBDBSGBGGII
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