Interim Results

Interim Results for the period ending 26th September 2009

“Speciality Papers traded strongly in the first six months of the financial year continuing the recovery that began in the second half of the previous financial year”.

“It is anticipated that Speciality Papers’ second half turnover and volume will be down slightly on the first six months. In addition the rising cost of pulp will also dampen profitability. Winter energy costs by contrast are expected to be significantly lower than the previous year”.

“TFP’s order book is down considerably and this is likely to remain the case until at least the fourth quarter as a consequence of recessionary pressures on customers’ inventories and markets. Not-withstanding current trading, I am encouraged that TFP is well positioned to service aerospace, security and energy
sectors, all of which are of strategic long-term importance to the business”.

“Working capital has and will remain under tight control. In the second half borrowing will ease upward as a consequence of increased capital expenditure. Investment will continue to be focused on energy and operating efficiencies”.

“The down-turn in the global economy continues to create a challenging trading climate for the Group. However our forward plans and strong cash position give me confidence that the Group will be able to capitalise on opportunities in the medium to long-term when favourable conditions return”.

Download the full PDF version of the Interim Results Ending September 2008 (77Kb)

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