Tex Holdings PLC AGM Statement (8483Q)
23 Juin 2020 - 6:13PM
UK Regulatory
TIDMTXH
RNS Number : 8483Q
Tex Holdings PLC
23 June 2020
TEX HOLDINGS plc
(00405838)
CHAIRMAN'S STATEMENT - 23RD JUNE 2020
The following update was read by the Chairman at the Company's
AGM today - 23rd June 2020
I will now provide you a brief report of the trading
companies.
The Plastics Division is trading at approximately 70% of
expected levels as a result of COVID-19. There have been a number
of strategic initiatives to control costs and improve efficiencies
to protect the bottom line.
Within the Engineering Division, a majority of the companies
have opened the year as expected and the effects of COVID-19 has
mainly resulted in the delay of projects. However, to date within
the Division, no orders have been cancelled due to the
pandemic.
The only exception is Tex Engineering who opened the year
slowly, and its poor performance has been compounded by the effect
of COVID-19. There has however been some gradual return towards
normal trading levels in late May. Nevertheless we are looking to
introduce some efficiencies during this year.
Eurotex has been busy supporting Fisheries Protection vessels
and completing an engine build. An order for spares for a Sovereign
Navy, which was delayed from 2018, has now been despatched as this
customer finally raised the letter of credit. One of the main
customers is now gradually opening facilities as the lockdown
eases.
The A.T.C. Division has recently been awarded a contract for
removal of and reinstallation of the bridge glazing on a Sovereign
Navy vessel.
The Company continues to progress the Nigerian control room
contracts, with production mobilisation commencing once funds have
been received from the customers.
In addition, the Company has been awarded the contract to supply
and install a control room for an airport in Oman.
BSP opened the year with a healthy order book which resulted in
trading being ahead of budget expectations. Orders for specialised
equipment for the US, Middle East and Eastern Europe have been
received during the first quarter.
G&M TEX continued to operate with an active order book,
however some shipments were delayed due to the COVID-19 pandemic. I
am pleased to report that the Company is now receiving a number of
repeat orders.
QK Honeycomb Products is the one company within our Group that
has been most affected by the COVID-19 crisis. The Company's main
customer base, in the caravan and leisure vehicle industry, shut
down when the crisis hit and many of the manufacturers in this
market are not returning to operations until September. This is as
a consequence of camping and caravan sites and showrooms still
being in lockdown.
Overall as a Group, the COVID-19 crisis has been the catalyst of
a review of Group operating structures and has accelerated the
strategic review of the Group's operations. Various initiatives are
currently underway with a strong focus on cost reduction and
further consolidation within the various business units.
G.C. Gray
23rd June 2020
_________________
Enquiries
CA Parker
Company Secretary
01473 830144
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGMEAKKDAFEEEFA
(END) Dow Jones Newswires
June 23, 2020 12:13 ET (16:13 GMT)
Tex (LSE:TXH)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Tex (LSE:TXH)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024