ACR Abbeycrest

TIDMACR

RNS Number : 1074Y

Abbeycrest PLC

16 December 2010

 
 Press release   16 December 2010 
 

Abbeycrest plc

("Abbeycrest" or "the Group")

Trading Update

The Board of Abbeycrest announces that, against a backdrop of downward pressure on prices and the continuing upward trend in precious metal costs, the Group's trading performance for the year to 28 February 2011 will be substantially below the Board's previous expectations. Senior management has taken appropriate action to restore margins and further reduce costs which will result in significant exceptional charges being incurred. In light of these developments, the Board is of the view that the Group will, in all likelihood, breach present covenants with its senior lender Burdale Financial Limited ("Burdale") at 31 December 2010. Burdale remains supportive of the Group and is working with the Board to re-set covenants and provide adequate working capital facilities for Abbeycrest's ongoing requirements. The Board is, as a result of these developments, currently putting together a revised business plan for the Group and will provide an update on both its discussions with Burdale and its strategy in due course.

- Ends -

For further information:

 
 Abbeycrest plc 
 Simon Ashton                     Tel: +44 (0)113 3970 865 
 Executive Chairman                   www.abbeycrest.co.uk 
 
 Evolution Securities Limited 
 Joanne Lake / Peter Steel        Tel: +44 (0)113 243 1619 
  joanne.lake@evosecurities.com      www.evosecurities.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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