Molins PLC, the international engineering and services company, announces the following trading update for the year to 31 December 2014.
The tobacco sector market conditions and geopolitical instability highlighted in our August statement have resulted in weaker order prospects and delays to expected machine deliveries in the Tobacco Machinery division, with the Scientific Services division also affected by tobacco customers delaying orders for instrumentation, following strong intake in the first half. As a result, the Board expects profit before tax for the full year to be below current market forecasts. The Board intends to hold dividend payments at current levels.
Prospects in the Packaging Machinery division remain good, as the division continues to make progress in targeted market segments and geographies. Both order intake and sales in local currency are ahead of last year. We continue to invest in products and infrastructure and work towards realising the value of surplus property in the Group.
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Dick Hunter, Chief Executive
David Cowen, Group Finance Director
Panmure Gordon (UK) Limited (NOMAD)
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Hugh Morgan / Peter Steel – Corporate Finance
Tom Salvesen – Corporate Broking
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Katie Tzouliadis, Deborah Walter