Trading Statement
13 May 2003 - 10:33PM
UK Regulatory
RNS Number:0252L
Planit Holdings PLC
13 May 2003
Planit Holdings Plc
13 May 2003
In response to a decline in US and European sales coupled with a 35% downturn in
worldwide demand for machine tools, a key driver to Planit's high value licence
sales, we have carried out a major restructuring of our business, significantly
reducing costs, re-evaluating debt and making prudent provision for this going
forward.
However, despite being one of the most difficult trading periods in the history
of our sector, Planit continues to trade profitably and generate cash. Licom,
our CAM division, increased sales by 20% over the previous year against the
current market trend.
Profit before taxation and amortisation, and also before restructuring costs and
bad debt provisions of #1.8m, is likely to be in the region of #2.7m for the
year ended 30 April 2003, which is significantly below market expectations.
Whilst there is little sign of any improvement in current trading conditions,
the restructuring and cost savings have already improved profit run rates.
Licom continues to gain market share and this, together with the addition of our
recent acquisition Radan Computational, should ensure future results will show
strong year on year growth.
Contact details:
Trevor Semadeni (Chief Executive Officer) (01233) 635566
Bryan Pryce (Chief Operating Officer) (01233) 635566
Jonathan Lee (Chief Financial Officer) (01233) 635566
This information is provided by RNS
The company news service from the London Stock Exchange
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