7 Feb 2011 07:00
7th February 2011
Latchways plc
Interim Management Statement
In accordance with the UK Listing Authority's Disclosure and Transparency rules, Latchways plc presents its interim management statement in respect of the period 1 October 2010 to 4 February 2011 inclusive.
The board remains confident of achieving current market forecasts for the year.
The export-led growth reported in our interim results announcement, made on 11th November 2010, has continued. Progress has remained positive, with business particularly strong in North America, and we have also added to our worldwide customer base for vertical systems. The UK construction market has remained subdued, and was adversely affected by the severe December weather.
The Self Retracting Lifeline product range continues to gain market acceptance and this is reflected in strong revenue growth across a wide spectrum of industries. Our Wingrip product range is also performing well with both military and civil customers. We have recently launched a self-contained Wingrip product, which is complementary to our existing range and is for use in situations where a fixed air supply is not present, such as in-theatre military operations. The product is already attracting considerable interest. New product launches are planned for the coming year.
We are maintaining our strategy of business growth via geographical and product range expansion. We are seeing steady progress in new geographies through strategic alliances with both new and existing customers.
The business remains strongly cash generative, with group cash balances increasing since the half year end.
Enquiries: Latchways plc Tel: 01380 732700
David Hearson, Chief Executive
Rex Orton, Financial Director
Threadneedle Communications Tel: 020 7653 9858
Graham Herring/Terry Garrett