Secure power solutions provider Chloride Group plc (CHLD.L), in its Interim Management Statement from 1 October 2009 to date, said Wednesday that trading in the third quarter was in line with the board's expectations.
The UK-based group, established over a hundred years ago, is engaged in supply of power solutions, including the manufacture and sale of power supply systems and power conditioners, and after-sale technical support. The Company's subsidiaries include AST Services Electronique SARL, CHLD Singapore Pte Limited, Chloride Electronics Limited and Chloride Masterguard Power Systems Limited.
Chloride Group noted that at constant currency, it continued to see a positive trend in order intake, with further growth since half year. The company said total sales were solid, benefiting from favourable exchange rates. Also, service revenues continued to grow organically.
The group informed that cash generation was strong, which partly outweighed the rise in the debt component, which grew in tandem with investments made during the period. Also, the restructuring actions, announced earlier, were on track to deliver in line with expectations.
As it enters the final quarter equipped with good order book coverage and a positive trend in order intake, the group said it is confident about the outturn for the financial year, amid cautious economic environment.
"Trading in the first nine months has been in line with the Board's expectations, demonstrating the resilience of the business in a challenging market environment. Secure power remains an essential requirement for business continuity globally, underpinning our confidence in the long term growth characteristics of our markets," commented Tim Cobbold, Chief Executive.
In December, the group completed the acquisition of issued share capital of Automatismes Energie Electroniques Systemes SAS, French secure power company targeting the Energy and Infrastructure market. Sofisme SA, part of the French Socaldi Group, sold the shares for an undisclosed value.
Earlier, Chloride acquired Emergency Power Systems plc, which has a "market leading" position in the rail and underground networks in the UK.
In November, the Group posted lower profit for the first half of fiscal 2010, hurt by charges as well as costs that offset a marginal growth in sales. Profit before taxation was GBP 10.44 million, on sales of GBP 152.74 million.
CHLD.L is currently trading at 189.40 pence, on the LSE.
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