Business
AGM Trading Update
AGM Trading Update.
About this update from Eurocell Plc
[{"type":"text","content":"\n \nRNS Number : 5862Y Eurocell plc 10 May 2019 \n\n10 May 2019\n \nEUROCELL PLC\n(Symbol: ECEL)\n \nAGM Trading Update\n \nEurocell provides an update on its trading performance for the first four months of 2019, in advance of our Annual General Meeting being held at 12 noon today.\n \nTrading and Operational Performance\nWe are pleased to report that the good start we made in the first two months of the year has continued through March and April. \n \nWe have delivered a good sales performance, albeit against weaker 2018 comparatives after bad weather in the early part of last year. \n\nIn the Profiles division, growth includes strong contributions from both existing and new accounts, arising consistently from across our base of fabricators.\n \nIn Building Plastics, growth reflects strong like-for-like sales, supported by better stock availability and our new management team driving improvements in operating standards.\n\n \nAs planned, with customer service levels now returned to normal, we are implementing selling price increases progressively across the business in H1 2019 to recover cost inflation.\n \nCapital Investment and Stock Build Programmes\nIn March, we announced a substantial capex programme to build the capacity required for future growth, including additional co-extrusion and foam lines (increasing capacity by 30% and 15% respectively) and new tooling. This investment is on track, with all of the new equipment expected to be operational by the end of Q3 as planned. \n \nThe investment to expand the recycling capacity at our Ilkeston and Ecoplas plants is underway, with efforts focused on ensuring that we leverage the most appropriate technology at each site. \n \nIn addition, given the possibility for raw material supply interruption due to Brexit, as previously reported we have invested in a stock build programme, adding approximately £3 million to finished goods for key product lines in Q1, which provides a good level of protection. \n \nAppointment of Chief Operating Officer\nIn line with our continued focus on improving operations, and to support future growth, we are delighted to announce the appointment of Mark Hemming to the position of Chief Operating Officer. Mark joins us from Amazon UK, where he is currently Regional Director for Customer ...