ROM Romag

 

TIDMROM 
 
RNS Number : 2390N 
Romag Holdings PLC 
12 February 2009 
 

 
 
ROMAG HOLDINGS PLC 
AGM Statement 
 
 
 
 
At today's annual general meeting, John Kennair, Romag's chairman, will make the 
following statement: 
 
 
In my chairman's statement in the 2008 report and accounts, I referred to the 
volatility in markets generally and in the solar market in particular, which 
accounted for over 70% of group sales in the year to 30 September 2008. This 
uncertainty in the solar market has resulted in a number of projects being 
delayed. The group has taken action to reduce costs in the short term until 
market stability returns. Despite this action trading margins in the first half 
will be lower than last year. 
 
 
The impact of lower margins in the first half has been mitigated by significant 
gains made on the disposal of the group's currency hedging contracts, which are 
no longer considered to be as strategic to the group due to recent currency 
movements and changes in expected sales mix going forward. Taken together, the 
directors anticipate that profits before taxation for the first half will be 
ahead of last year. 
 
 
Continued economic difficulties in most countries of the world and unprecedented 
volatility in markets make it impossible to predict the short term future with 
confidence. Romag's markets are no exception to this; however, we remain 
confident of substantial growth in the solar industry in the medium term. 
Romag's building integrated product range is well positioned to take advantage 
of this growth, particularly in the Middle East and Europe. The group's products 
have been accepted into the testing programme for the Masdar City project in Abu 
Dhabi and are also being given approved vendor status for projects in several 
countries throughout the Middle East. 
 
 
 
 
ENQUIRIES 
 
 
Romag Holdings plc 
Lyn Miles, Chief Executive    Tel: 01207 500000 
David Banks, Finance Director 
 
 
Arbuthnot Securities Limited 
Antonio Bossi                Tel: 0207 0122000 
Tom Griffiths 
 
 
Gavin Anderson & Company 
Ken Cronin Tel: 0207 5541400 
Michael Turner 
Natalie Biasin 
 
 
Note to editors: 
 
Romag Holdings plc is a leading manufacturer of glass and plastic composites 
based in Consett, County Durham. Romag has developed a range of photovoltaic 
glass products (PowerGlaz) for use in the generation of renewable energy. 
 
 
Romag also manufactures a wide range of products for the security, transport and 
architecture markets to protect people against a variety of risks and threats. 
Businesses using the group's high-impact glass products include BAA, Securicor, 
government departments, banks, building societies and train operators. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 AGMUUASRKURUAAR 
 

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