Updating Statement
06 Fevereiro 2009 - 5:00AM
UK Regulatory
TIDMQLC
RNS Number : 8909M
Qualceram Shires PLC
06 February 2009
Qualceram Shires plc
Updating Statement
Dublin, London 6 February 2009: Qualceram Shires plc ("Qualceram Shires" or the
"Group"), a manufacturer and distributor of a wide range of bathroom products
today issued an updating statement on market conditions.
Market Conditions
The Group confirmed in the Interim Management Statement issued on 14 November
2008 that its trading performance is being adversely affected by the
unprecedented slow-down in the property market and the deepening economic
downturn in Ireland and in the UK. Ongoing negative consumer sentiment and the
lack of availability of mortgage finance continues to impact unfavourably on the
Group's markets and financial performance.
Since the Interim Management Statement market conditions have continued to
deteriorate in the Group's main markets, with turnover in the period (November
2008 to January 2009) some 35% behind the corresponding period in 2007-08.
Actions being taken
Negotiations are continuing with the Group's main landlord in relation to the
disposal of surplus properties occupied by the Group and in relation to the
Group's request for a waiver by the landlord of the breach of property related
covenants that has occurred (and for a waiver by the landlord of its right to
call in the letters of credit - in the sum of approximately EUR2.6 million - which
secure these covenants). These negotiations incorporate continuing discussions
with the Group's bankers which is the issuing bank for these letters of credit.
In common with most companies which operate a defined benefit pension scheme,
equity performance over the past twelve months has had an adverse impact on fund
performance. Whilst the exact impact on the Group's results are yet to be
finalised, discussions are continuing with the trustees of the pension scheme in
the United Kingdom in relation to the ongoing funding requirements of the UK
pension scheme.
The Group will provide a further update on the above negotiations, as and when
appropriate, and will release Preliminary Results for the year ended 31 December
2008 on 27 February 2009.
Ends
Issued on behalf of Qualceram Shires plc by Drury Communications. Contact Paddy
Hughes / Myra McAuliffe at + 00 353 1 260 5000
Notes to Editors
Qualceram Shires plc is a leading manufacturer, marketer and distributor of a
wide range of bathroom suites through five principal brands, namely Qualceram,
Shires, Shaws of Darwen, Selecta and Trent. The Qualceram brand offers a diverse
and comprehensive range of traditional and contemporary bathroom
products. Shires has been one of the leading brands in the United Kingdom and
Ireland for over half a century. The Group's Selecta brand is regarded for its
range of showering products, most notably for its high standards of quality and
choice. Established in 1897, Shaws of Darwen produces a unique product set of
handmade fireclay sinks, and over 100 years old, the Trent brand maintains
bathroom suite designs of every era, from early Victorian times through to
today. With leading market positions in Ireland and the UK, coupled with
increasing access to other international markets the Group's strategy is to
increase market share in the luxury end of the bathroom products sector by
offering a complete package of branded products, supported by superior customer
service.
www.qualceram-shires.com
.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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