Business
Final Results
Final Results.
About this update from Airea Plc
[{"type":"text","content":"\n \nRNS Number : 3624I Airea PLC 21 March 2018 \n\nAIREA plc\nPreliminary results for the 18 month period ended 31st December 2017\nHIGHLIGHTS\n· Commercial Floorcoverings business Operating Profit before exceptional items of £4.3m \n· Export sales growth of 58 % over last six months following entry into new geographical markets, strengthening of international dealer network, and successful launch of new products\n· Broader product range of new products based on new technology investment in 2017 has opened up new markets & opportunities as planned\n· Closure of loss making residential carpet business (Ryalux) will be cash generative with receipts from stock realisation & sale of plant and machinery exceeding closure costs\n· The Group's simplification and focus on its core Burmatex business is expected to deliver considerable and sustainable free cash generation in the mid-term, creating considerable shareholder value.\n· At the AGM on 10th May 2018 the board will be seeking authority to return some value to shareholders through a buy-back of up to 6m shares (14.5% of current share capital) \n· Pension deficit reduced by £4.5m to £2.2m with, statutory funding position deficit reduced to zero \n· Strong cash generation and closure of Ryalux businesses supports a 5p special final dividend\n· Total dividend payment (inclusive of the interim dividend) for the financial period of 6.75p\nStrategic Report\nPrincipal activity and strategy\nThe group remains focused on the manufacture, marketing and distribution of floor coverings. Our approach to strategy is uncomplicated; to develop products that sell, exploit the strength of our combined manufacturing and distribution operation, and deliver robust cash flows to support a progressive dividend policy. \nOverview\nAs recently announced the Company has entered into a formal consultation period with employees concerning the proposed closure of the residential carpets business. Operating as Ryalux Carpets Limited (\"Ryalux\"), the residential carpets business offers high quality standard and custom broad loom carpets available through carpet retail outlets. &nb...