AAT Aea Tech Grp

TIDMAAT

RNS Number : 5951X

AEA Technology Group PLC

17 February 2012

AEA TECHNOLOGY GROUP PLC ("AEA" or "Group") INTERIM MANAGEMENT STATEMENT The Board of AEA Technology Group plc, today announces its Interim Management Statement for the period 1 October 2011 to date in accordance with the FSA's Disclosure and Transparency Directive ruling under DTR 4.3 As previously announced, second half results for the year ending 31 March 2012 are expected to be adversely impacted by a reduced forecast outturn in PPC, our Washington based subsidiary, due to the late placement of some orders and some expected orders not being won. A new management team is in place and clearly focused on improving our operations and commercial capabilities.

Performances at ERG, our Boston based business, and AEA Europe have remained broadly in line with expectations since the half year. Both ERG and AEA Europe have continued to win new business as expected with further orders won from both UK and US government departments. John Lowry, our Interim Chief Executive Officer appointed on 2 December 2011, has begun a number of actions to improve operational efficiency across the business.

A new Group Executive has been formed comprising the Group Interim Chief Executive Officer and Chief Financial Officer and the chief executive officers and chief financial officers of the Group's operating businesses. With input from advisers and the continuing support of the Group's bank, the Group Executive will complete a new strategy and business plan early in the new financial year which will ensure that the Group leverages its intellectual property, knowledge and skill base to maximum advantage across all Group operations.

The work on the triennial valuation of the pension scheme as at 31 March 2011 remains ongoing.

Lloyds Bank, the sole banker to the Group, remains supportive.

Outlook

Overall, trading for the Group remains in line with expectations set at the time of our last trading update on 20 January 2012.

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For further information: Dr Paul Golby Chairman 0870 190 8137 John Lowry Interim CEO 0870 190 8137 IR Focus Neville Harris 020 7593 4015

Important Information

Statements contained in this Interim Management Statement are based on the knowledge and information available to the Company's directors at the date it was prepared and therefore the facts stated and views expressed may change after that date. By their nature, the statements concerning the risks and uncertainties facing the Company in this statement involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. To the extent that this statement contains any statement dealing with any time after the date of its preparation such statement is merely predictive and speculative as it relates to events and circumstances which are yet to occur. The Company undertakes no obligation to update these forward looking statements.

This information is provided by RNS

The company news service from the London Stock Exchange

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