Molins PLC, the international engineering and services company, announces the following trading update for the financial year to 31 December 2016.
Trading to date in the final quarter has been materially lower than expected, partially due to an unfavourable sales mix and a number of deliveries delayed into the early part of 2017. As a result the Board is revising downwards its expectation of full year performance.
However order intake in the last three months has been positive, at an increase of 80% over the same period last year, with the Packaging Machinery businesses in particular benefiting from a strong period of conversion of prospects. The consequence of this recent order activity is that the Group is expected to enter 2017 with a significantly higher order book than it had entering 2016.
The development of the Group’s strategic plan is continuing positively. This review is aimed at ensuring the Group is in the best position to serve its customers, and is focused on market opportunities and operational efficiency. The outcome of this review is expected to be presented in Q1 2017.
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Tony Steels, Chief Executive
David Cowen, Group Finance Director
Panmure Gordon (UK) Limited (NOMAD)
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Andrew Potts / Peter Steel – Corporate Finance
Tom Salvesen – Corporate Broking
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Katie Tzouliadis, Viktoria Langley, Emma Pearson