Dowlais Group PLC Trading Statement (2481A)
May 23 2023 - 2:00AM
UK Regulatory
TIDMDWL
RNS Number : 2481A
Dowlais Group PLC
23 May 2023
23 May 2023
Dowlais Group plc
Trading update
Encouraging start to the year, full year expectations
unchanged
Dowlais Group plc ("Dowlais" or the "Group"), the specialist
engineering group focussed on the Automotive sector, provides a
trading update for the four month period to 30 April 2023 ("the
period").
The Group delivered GBP1.9bn of adjusted revenue in the period
or 9% growth at constant currency, in line with our expectations.
Adjusted operating margins in the period were in line with those
delivered in full year 2022 but significantly up (over 200 bps)
over the same period of the prior year. Cash conversion continues
to be strong.
Automotive has had a good start to the year with 11% growth at
constant currency led by Europe and the US. This has resulted in
significant operating margin expansion in the period, when compared
to the same period of the prior year, as well as margins slightly
above full year 2022. Bookings were healthy with the majority
relating to BEV platforms, underlining our strong market position
as the transition to electrification continues.
Powder Metallurgy revenue in constant currency was flat versus
prior year, with similar operating margins to those seen in H2
2022. More encouragingly, the period ended with positive
momentum.
The Group has made an encouraging start to 2023, increasing our
confidence in achieving adjusted operating margin expansion
(pre-central costs) in the full year. Our full year expectations
are unchanged.
The Group's interim results will be announced on 12 September
2023.
Liam Butterworth, CEO of Dowlais, said:
"We have had a very encouraging start to the year. As markets
continue to recover, we are increasingly confident of delivering
sector leading financial performance, based on our proven financial
model and continued execution of our restructuring programs. We
remain excited about the future."
Enquiries
Teneo:
Olivia Peters/Harry Cameron
dowlais@teneo.com
+44 (0) 7902 771008
Investor Relations:
Chris Dyett
investor.relations@dowlais.com
+44 (0) 7974 974690
Forward-Looking Statements
This trading update includes certain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties, many of which are beyond Dowlais' control and
all of which are based on Dowlais' current beliefs and expectations
about future events. Forward-looking statements are sometimes
identified by the use of terminology such as "believe", "expects",
"may", "will", "would", "could", "should", "shall", "risk",
"intends", "estimates", "aims", "plans", "predicts", "goal",
"continues", "assumes", "positioned", "anticipates" or "targets" or
the negative thereof, other variations thereon or comparable
terminology. These forward-looking statements include matters that
are not historical facts, statements regarding the intentions,
beliefs or current expectations concerning, among other things, the
future results of operations, financial condition, prospects,
growth, strategies, and dividend policy and industry of Dowlais.
These forward-looking statements and other statements contained in
this trading update regarding matters that are not historical facts
involve predictions. No assurance can be given that such future
results will be achieved and actual events or results may differ
materially as a result of risks and uncertainties facing Dowlais.
Such risks and uncertainties could cause actual results to vary
materially from the future results indicated, expressed or implied
in such forward-looking statements. Forward-looking statements
contained in this trading update speak only to the date of this
trading update. Dowlais and its directors expressly disclaim any
obligation or undertaking to update these forward-looking
statements to reflect any change in their expectations or any
change in events, conditions, or circumstances on which such
statements are based unless required to do so by applicable
law.
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END
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(END) Dow Jones Newswires
May 23, 2023 02:00 ET (06:00 GMT)
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