WNS Wensum

 

TIDMWNS 
 
RNS Number : 4390T 
Wensum Company PLC 
05 June 2009 
 

5 June 2009 
 
 
The Wensum Company plc 
("Wensum" or the "Company") 
 
 
Trading update 
 
 
Wensum today announces an update on current trading. 
 
 
The Company announced on 6 April 2009 that adverse exchange rate movements had 
created substantial pressure on gross margins during the last months of 2008 and 
the first quarter of 2009, and that this pressure, coupled with a sharp downturn 
in sales due to general trading conditions and exceptional acquisition and 
restructuring costs, had given rise to significant trading losses for the period 
ended 31 December 2008 which would continue during the first half of the current 
year. The Company stated that the board was examining various means of improving 
its liquidity position which had come under pressure as a result of these 
factors. 
 
 
Trading for the first five months of the current calendar year has been below 
forecast, but the group has won three major contracts which it is hoped will 
contribute towards a recovery in like-by-like sales in the second half year and 
2010. 
 
 
The acquisition for a non-cash consideration of Allen & Douglas, announced on 19 
May, has improved the group's short term liquidity and sales outlook, with 
prospects for a further improvement in overhead ratios. 
 
 
Nevertheless, the group's poor trading performance in the year to date has 
severely weakened the Company's financial position.  Liquidity remains under 
pressure and the Company needs to secure additional funds in order to meet its 
short term working capital requirements. 
 
 
The board, together with its professional advisers, is exploring various ways of 
addressing this situation and the Company will make a further announcement in 
due course. 
 
 
 
Enquiries: 
 
 
+--------------------------------------------+---------------------------+ 
| Wensum                                     | 020 7352 3309             | 
| Stuart Lyons, Chairman                     |                           | 
+--------------------------------------------+---------------------------+ 
|                                            |                           | 
+--------------------------------------------+---------------------------+ 
| Smith & Williamson Corporate Finance       | 020 7131 4000             | 
| (Nominated Adviser and Broker)             |                           | 
| Azhic Basirov                              |                           | 
| David Jones                                |                           | 
| Barrie Newton                              |                           | 
+--------------------------------------------+---------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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