Tullis Russell Group Press Corner

Product Updates

Profits up 20% at Tullis Russell Group

Chris Parr, Group Chief Executive

Independent, employee owned papermaking and specialist coating group Tullis Russell, who celebrates its bi-centenary this year, announced a 20% increase in pre tax operating profit and a solid strengthening of its net positive funds position for the year to March 2009.

Pre-tax operating profit of £1.63m compares with £1.36m last year while net positive funds increased to £5.3m from £3.2m last year.

Group Chief Executive, Chris Parr stated, “Despite hostile market conditions, we were able, through strict pricing discipline, a programme of mix enrichment and a favourable movement in exchange rates during the second half, to increase our turnover by 6%. This movement helped to offset the adverse impact of increased energy and material costs which were a significant feature during the first 3 quarters. We also took significant steps to significantly de-risk our pension scheme liabilities and still managed to increase our net positive funds position”.

Looking forward Parr commented ”Our industry, like most other sectors, faces a very challenging year ahead with market demand being heavily depressed and structural changes looking almost inevitable. However, we remain quietly confident as we enter this period with a very strong business, a robust strategy and an excellent management team”

For any further comments contact:

Chris Parr, Group Chief Executive - 07764 662560/01592 753311

Fred Bowden, Chairman - 07785 110075/01592 753311

Geoff Miller, Group Finance Director - 07764 662574/01592 753311