Havelock Europa looking to focus on its strengths.
Havelock Europa, the retail and educational interiors group, today provides an update on trading ahead of its final results for the year to 31 December 2012. The Company’s Board expects trading for the year to 31 December 2012 to be in line with its expectations at the time of the announcement of its interim results.
Keeping in line with previous years the Group saw its trading in the second half stronger than the first half. In what was a difficult market for the whole of 2012 there were good levels of activity in Autumn showing an improvement on the previous year. In the Group’s Educational Supply businesses activity levels also strengthened with the benefit of framework agreements which have generated additional revenue.
The Group states that the economic outlook for the UK retail sector is poor; however against this background the Group have a strong opening order book for 2013. The Group goes on to say discussions with retail customers about activity levels are positive and the business continues to develop relationships with new customers while international activity is progressing on the back of business secured from existing customer relationships. Encouragingly, new projects in the educational sector under regional or local schemes continue to come to market. In addition, discussions on further framework agreements are in progress.
“Control of working capital remains a key focus within the business and this together with the sale of Showcard Print and Clean Air during 2012 resulted in a significant reduction in net debt during the year. The sale of these non-core parts of the Group has the additional benefit of allowing greater focus by management on development of the core Interiors business.”
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