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Tullis Russell Group Press Corner
Tullis Russell Group stays in the black despite exceptionally difficult trading conditions Tullis Russell the independent, employee owned papermaking and coating company reported group profits of £0.5m in the year to March 2007. This compares with £4.2m a year earlier. Chairman, Fred Bowden commented, 'This was a good performance in extremely difficult trading conditions, brought about by soaring energy costs and continued increases in other raw material and overhead costs. Despite the reduction in year on year profits our cash position remains strong having generated £0.7m cash during the year after £5.2m of capital expenditure and £3.8m of additional pension scheme funding. This has further reduced our net debt and brings our gearing down to 30%. Since the year end energy costs have eased slightly, however other cost pressures remain fierce. We will respond to these conditions by continuing to focus on our cost base but also by increasing our selling prices.'
For any further information contact :
Fred A. W. Bowden, Chairman Chris A. G. Parr, Managing Director
on 01592 753311.
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