REG - Airea PLC - AGM Statement

AireaAnnouncement

08/05/2024 12:00

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RNS Number : 6273N  Airea PLC  08 May 2024

 

8 May 2024

AIREA plc

 

("AIREA", the "Group" or the "Company")

 

AGM Statement

 

AIREA plc (AIM: AIEA), the UK design-led specialist flooring company,
supplying both the UK and international markets, will be holding its Annual
General Meeting ("AGM") today at 2.00 p.m. at Victoria Mills, The Green,
Ossett, WF5 0AN.

 

Martin Toogood, Non-Executive Chairman will provide the following update at
today's meeting:

"It is my pleasure to welcome you to the seventieth AGM of AIREA plc. As
Non-Executive Chairman, I am joined by Médéric Payne, Chief Executive
Officer, Conleth Campbell, Chief Financial Officer and Company Secretary and
Tanya Ashton, Non-Executive Director.

 

"Médéric continues to lead the Executive team with his extensive leadership,
commercial, supply chain and marketing expertise. Conleth joined the Group in
October 2023, with more than 25 years of experience in public company
environments where he has held senior finance positions, including experience
in M&A, capital markets and investor relations.

 

"Tanya joined the Group on the same day as the AGM last year and her expertise
on the subject of sustainability is proving to be invaluable as we continue
our transformation of the business.

 

 "I am pleased to report another year of excellent progress, as outlined in
the Group's final results in March. Revenue increased 14.1% to £21.1m with
operating profit increasing to £1.8m. The net cash position improved by
£0.6m to £3.4m. The Group is proposing a dividend of 0.55 pence per share,
an increase of 10% and aligned with our progressive dividend policy.

 

"Following the latest triennial valuation, the pension scheme deficit
increased to £5.0m. The Company is currently in discussion with the scheme's
trustees to agree on a reasonable and affordable recovery plan. A further
update will be provided in the Group's interim results later this year.

 

"In January, the Group was pleased to announce a £5.0m investment in its
manufacturing facility here in Ossett to substantially increase capacity and
include the automation of certain processes using the latest cutting-edge
Artificial Intelligence imagery and inspection technology. The project is well
underway and is scheduled to be completed in early 2025.

 

"I am pleased to report that the year has started well, with demand remaining
strong for our carbon-zero and low-carbon product ranges. We continue to
invest in product development and will showcase our latest ranges at the
forthcoming Clerkenwell Design Week in London later this month.

 

"The Board is confident of making further progress in 2024 and we look forward
to updating shareholders in due course."

 

- Ends -

 

For further information please contact:

 

 AIREA plc                                               Tel: +44 (0) 192 426 6561

 Médéric Payne, Chief Executive Officer

 Conleth Campbell, Chief Financial Officer
 Singer Capital Markets                                  Tel: +44 (0) 20 7496 3000

(Nominated Adviser and Sole Broker)

 Peter Steel / Sam Butcher
 Yellow Jersey PR                                        Tel: +44 (0) 20 3004 9512

(Financial media and PR)

 Sarah Hollins / Shivantha Thambirajah / Zara McKinlay

Notes to Editors

 

AIREA plc is a UK design-led specialist flooring company, supplying both UK
and international markets.  Since 2007, the Group has been focused solely on
floor coverings and enjoys a strong and growing brand position within the
commercial flooring market.

 

The Group's core brand Burmatex® is one of the UK's leading designers and
manufacturers of commercial carpet tiles and planks. Burmatex® focuses on the
design and creation of sustainable innovative flooring solutions to meet the
needs of architects, specifiers and contractors with a continuously developing
range to suit the education, leisure, commercial, hospitality and public
sectors. The brand was acquired by AIREA in 1984.

 

The Group was admitted to trading on AIM of the London Stock Exchange on 12
December 2007.

 

For further information, please visit: https://aireaplc.com/
(https://aireaplc.com/) .

 

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