Business
Trading Update and Restatement of Accounts
Trading Update and Restatement of Accounts.
About this update from Synergia Energy Ltd
[{"type":"text","content":"\n \nRNS Number : 0119X Synnovia PLC 25 April 2019 \n\n \n25th April 2019\n \nSynnovia plc\n(\"Synnovia\" or the \"Group\")\n \nTrading Update and Restatement of Accounts\n \nTrading Update\n \nFurther to its trading update announced on 19 February 2019, Synnovia (AIM: SYN) announces that it expects results for the financial year ended 31 March 2019 to show significant growth in both sales and profits albeit, while up significantly, profits are expected to be marginally below current market expectations. \n \nOverall, we experienced another year of strong sales and profit growth. Our Industrial Division, led by the bearings business, has performed extremely well as new business came on stream after the unexpected delays we reported in the prior year. This performance was supported by the acquisitions completed during the past three years in the creasing matrix business, which have continued to show good improvement. \n \nAs previously reported, our Films Division has continued to grow both sales and customers despite becoming capacity constrained mid-year due to some relatively minor project delays in planned expansion within the division. Whilst new capacity came on stream in early calendar year 2019, it was too late to enable performance to recover fully before the financial year came to an end.\n \nProfitability in the Films Division was adversely affected by these project delays, with the Group having incurred costs to meet anticipated sales growth. In addition, there has been some modest cost inflation in energy, packaging and logistics. None of these factors have applied to the Industrial Division, where margins and costs incr...