Springfield Properties PLC

Management Reports • Mar 18, 2013

National Storage Mechanism | Additional information

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RNS Number : 2760A

Sperati(C.A.)(Special Agency)

18 March 2013

For Immediate Release                                                                                                       18 March 2013

C. A. Sperati (The Special Agency) PLC

("CAS" or the "Company")

Interim Management Statement

The Board of CAS provides an Interim Management Statement and is informing the shareholders of the Company ("Shareholders") of the anticipated outturn for the second half of the financial year.

Trading has remained relatively subdued and difficult as outlined in the results announcement in respect of the year ended 31 October 2012 ("Results Announcement"). Incoming orders have remained relatively static, however, since the year end, and following an aggressive sales strategy, there has been a significant increase in sales forecast for the forthcoming year. In addition, the Company is in advanced negotiations with various new customers and if these prove to be successful, turnover will increase substantially from previous years. The Company's increased sales outlook has also been helped by the fact that one major competitor has recently gone in to liquidation which has opened up further order book opportunities. In addition the Company continues to focus on reducing its cost base.

Mr Kevin Jackson has loaned a further £20,000 to the Company since the commencement of the current financial year, taking the total he has loaned to the Company to £50,000.

The directors of the Company ("Directors") acknowledge that trading conditions continue to be very tough in the current economic climate and that the existing buttons business has limited potential and are therefore still considering diversifying into other business activities or looking at other options to utilise the Company's listing for the maximum benefit of shareholders. The Directors are also considering the sale of the freehold property to free up working capital as further detailed in the Results Announcement. 

The Company will be holding an extraordinary general meeting on 17 April 2013 at 11.30 a.m. at the Company's registered offices at 54, Westcombe Hill, London SE10 OLR to address the 'Serious loss of capital' issue, details of which were provided in the Report and Accounts for the year ended 31 October 2012 which were posted to shareholders on 12 March 2013. The extraordinary general meeting will follow the Company's annual general meeting which is scheduled to commence at 10.30.a.m.

Contacts:

Kevin Jackson, Chairman, CAS - 01509 670314

Roland Cornish / Emily Staples, Beaumont Cornish Limited - 0207 628 3396

This information is provided by RNS

The company news service from the London Stock Exchange

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