ANGLIAN GROUP PLC
27 July 1999
Contact: Eddie Boss, Chief Executive
Robert Aitken, Finance Director
Anglian Group PLC Tel no: 01603 787000
Tom Baldock
Financial Dynamics Tel no: 0171 831 3113
Chairman's AGM Statement
Speaking at the company's Annual General Meeting today, David Perry, Anglian
Group's Chairman said:
'The last three years has seen a fundamental improvement in the group's
earnings growth and cash generation.
We also made a special payment to shareholders of £44.0m - 50p per share on
21 May 1999 - a direct outcome and demonstration of the benefit to be
derived from the strong cash generation of the group.
Consumer home improvements turnover benefited from a strong sales drive in
the second half. During the third quarter the Living Design operation was
restructured as a specialist direct sales branded kitchen company and we now
anticipate a useful contribution to future group earnings.
Commercial building products turnover was up as we gained share in the
public sector refurbishment market and benefited from increased PVCu market
demand in new house building.
Manufacturing production increased and new improved glass toughening plant
and sealed unit production equipment is being installed. A major IT
programme successfully went live recently which, although inevitably
impacting short term on manufacturing output, will bring operational benefit
as the year progresses.
We see potential to continue our growth through a combination of product and
market development, productivity improvement, and benefit from growth in
PVCu demand.
Since the year end, consumer confidence has continued to hold. We are
seeing increased order intake in both consumer home improvements and
commercial building products markets. However, the increased turnover will
come through more in the second half year. The first half profits will
continue to benefit from the impact of measures taken over the recent years.
We are in advance discussions with a view to filling the vacant position of
non executive director, and hope to be in a position to make an announcement
shortly.
Finally, I would like to thank our employees and suppliers for their
continued commitment to our company's success.'