Havelock Europa FY Outlook Remains In Line With Views

23rd Jun 2010 12:13

LONDON (Dow Jones)--Havelock Europa PLC (HVE.LN), an Educational and Retail Interiors and Point of Sale Printing Group, announced Wednesday the outlook for the year as a whole remains in line with expectations. MAIN FACTS: -The Retail Interiors Division has received an increased and encouraging level of order intake. -Point of Sale Printing has also seen an improvement in sales, benefiting particularly from activity related to the World Cup. -Sales in the three smaller Educational Supplies businesses have been slower to date than the comparable period last year as educational authorities are reducing orders until the impact of the new Government's policies on educational budgets becomes clear; however, ESA McIntosh continues to receive a healthy number of enquiries on PFI and BSF financed school projects that have secured firm funding. -The first half of this year has been a period of change for the company. -Management has responded positively to the recent challenges which the company has faced and has introduced a comprehensive profit enhancement program, Project Horizon, aimed at improving future performance. -The program consists of a number of initiatives, which are expected to result in substantial recurring cost savings for the company, although there will be one-off costs associated with the program that will impact the current year. -Project Horizon will also serve to reduce the amount of working capital required within the business. -On April 1, the company appointed David Hurcomb as interim Chief Executive for a period of six months. -Hurcomb has accepted an offer to join another company and will be stepping down from Havelock in September. -The company's search for a new permanent Chief Executive is progressing well. -Shares at 1112 GMT up 0.25 pence, or 2.82%, at 9.13 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 23, 2010 07:13 ET (11:13 GMT)