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Tullis Russell Group Press Corner
Tullis Russell Group Strengthens Operating Income and Clears its Debt Despite Extremely Difficult Trading Conditions
This includes an exceptional gain of £5.8m relating to land sales. Underlying profit of £1.4m compares with £0.5m a year earlier. The company reported net funds of £3.2m at March 2008 compared to net debt of (£11.2m) last year. Following further pension scheme funding payments of £3.7m made during the year, which included an enhanced transfer value offer to move liabilities out of the scheme, the scheme deficit reduced from (£19m) to (£3.4m) at March 2008.
CEO, Chris Parr, commented: “This was another solid performance in exceptionally difficult trading conditions, brought about by soaring energy costs and continued increases in other raw material and overhead costs. We have responded to these conditions by successfully growing our sales volumes, increasing our sales prices and reducing our cost base.
“Our cash position remains strong with further significant improvements being achieved in our working capital which, coupled with a one off benefit of £6m from land sales, have eliminated our debt. Looking ahead it seems likely that rising input costs will remain a feature and we will continue to respond by focusing on our cost base and increasing our selling prices.”
For any further comments contact:
Chris Parr, Group Chief Executive 07764 662560 01592 753311
Fred Bowden, Chairman 07785 110075 01592 753311
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