Press release | 18 January 2012 |
Abbeycrest plc
("Abbeycrest" or the "Group")
Interim Management Statement
Abbeycrest plc today provides its interim management statement for the period from 1 September 2011 to 17 January 2012.
The Group has continued to be adversely affected by competitive market conditions, retailer action to protect volumes and sustained highs in precious metal prices. To mitigate the impact of these pressures, further action has been taken to reduce the Group's cost base, including relocating the head office from Leeds to the premises of one of the Group's subsidiaries, Brown & Newirth Limited, in Hatfield.
The factors outlined above have continued to exert pressure on cashflows during the period. As previously notified on 9 January 2012, the Group continues to closely manage its working capital requirement during January and the board continues to pursue all options available to address the ongoing constraints on working capital. Accordingly, the Group is currently in advanced discussions regarding the proposed disposal of certain of the Group's assets within a short timeframe.
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