Airea plc (LSE: AIEA), the manufacturer, marketer and distributor of floor coverings, announces the following trading update for the year ended 31 December 2018.
Revenue and Operating profit for continuing operations in the second half of the year exceeded the performance of the 6 months ended 30 June 2018 in line with management expectations driven by the continued growth in the order book and increased sales both in the UK and Internationally.
The successful launches of our new ranges continue to gain traction in the market and further launches in 2019 are planned to continue the revenue growth.
On 26 October 2018, the High Court reached a judgment in relation to Lloyds Banking Group’s defined benefit pension schemes which concluded that schemes should equalise pension benefits for men and women as regards guaranteed minimum pension benefits. The effect of this decision is still being assessed by the Trustees and our actuarial advisers, but is likely to impact the pension scheme liabilities by approximately £0.3m. This will not have a significant impact on the pension schemes funding strategy and will have no cash impact to the group.
Date of full year announcement
Airea plc will announce its final results for the year ended 31 December 2018 on Thursday 7 March 2019.