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Fiberweb 2008 trading steady

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Date: Friday 02 May 2008

LONDON (ShareCast) - Nappy and wipe supplier Fiberweb said start of trading in 2008 has been steady with the margin benefits of actions taken in 2007 coming through.

Sales are flat compared to prior year at constant currency rate. Underlying gross margins are in line with the improvement seen in the second half of 2007 and underlying operating profit is in line expectations.

Following the termination of recent discussions with Avgol, the group said it intends to address a number of cost reduction opportunities identified during the due diligence process. It expects to achieve these savings from 2009 onwards, with one-off implementation costs to be incurred in 2008 and 2009.

“Trading prospects for the remainder of 2008 remain in line with our expectations,” it said.

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