Pre Close Trading Statement
15 December 2009
Fiberweb plc
(“the Company”)
Pre Close Trading Statement
Fiberweb plc, the international nonwoven fabrics producer, is today publishing a pre-close trading update, ahead of preliminary results for the twelve month period ending 31 December 2009, which are expected to be announced in February 2010.
The company continues to make significant progress in the second half of 2009 and expects to exceed expectations for the full year to 31 December 2009.
Sales trends have continued to stabilise with second half volumes now slightly up versus prior year on a like-for-like basis for the period July to November. This improving trend is expected to continue into 2010.
European Industrial has continued to perform well with encouraging sales growth from new products in both medical and construction markets. Americas Industrial is making satisfactory progress in a stabilising construction sector benefiting from new roofing products and initial DefenCell revenues. Consumer Fabrics has seen sustained robust volumes in both North America and Europe. The FitesaFiberweb joint venture has been trading in line with expectations.
Underlying(1) operating profit for the year to date is significantly ahead of 2008, with a further improvement in operating margins evident. As a result, we expect net debt to be slightly below forecast levels at the year-end.
The cost reduction programme in European Consumer Fabrics will be completed by the year end. This marks the end of the major turnaround activities within the Company. Consequently, restructuring and impairment charges in the second half are not expected to be significant.
(1)Underlying profit measures are before restructuring costs and other non-recurring items.
-ENDS-
For further information, please contact:
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Fiberweb plc
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0208 439 8594
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Daniel Dayan, Chief Executive
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Daniel Abrams, Chief Financial Officer
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Weber Shandwick Financial
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0207 067 0700
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Terry Garrett / Nick Dibden / Katie Matthews
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