Dinkie Heel PLC
7 June 2002
Please note that this announcement replaces the previous announcement released
at 10.45am today under RNS number 9315W in which paragraph 4 was incorrect -
draft text previously included has now been deleted.
At the Annual General Meeting of Dinkie Heel plc held today the Chairman, Mr
Richard Organ, said that the business is generally proceeding according to plan.
Davies Odell continues successfully to develop its body armour and matting
businesses and increased resources have been made available to facilitate their
development. The footwear side of the division continues to decline but remains
profitable given the particular markets that it supplies.
The reorganisation of the Dinkie-Phillips business is progressing to plan. This
implies that the toe cap business will continue to be loss making while
production is run down in Bristol and transferred to Botswana. Production of
Phillips rubber products in South Africa is now greatly improved but the Company
has temporarily had to incur high carriage costs in order to maintain continuity
of supply.
The continuing reorganisation of Dinkie-Phillips will have significant
exceptional costs associated with it during this year.
At the same time completion of the sale of the Manchester premises, for which
contracts have been exchanged, is expected to be achieved at a value
considerably in excess of its book value.
The Company also announces that all resolutions proposed to shareholders at the
Annual General Meeting were duly passed.
This information is provided by RNS
The company news service from the London Stock Exchange