17 July 2015 – AGM statement
At today’s AGM, the company will confirm that the weak euro has had a negative impact on trading at the beginning of the financial year as expected, although the group’s efforts to increase manufacturing efficiency should help to mitigate the impact of this. Volumes are expected to improve in the second half and so although the first half results may be slightly disappointing the results for the financial year overall should be in line with expectations. Nevertheless, with better opportunities around we reduce our recommendation to HOLD.