Hill Station says April, May sales well below expectations; H1 …
Source: Hemscott (Original Article)
LONDON (Thomson Financial) - Hill Station Plc., said its sales in April and May
were significantly below expectations due to the capped invoice discounting
facility, adding that a new one with a higher limit is now in place.
However, the outcome for the first half ended April 30 2008 is encouraging with
EBIT being in line with management expectations.
The manufacturer of premium branded and private-label ice creams, said its
factory is now regularly achieving record levels of production as stocks are
being rebuilt and the company is more than encouraged by current manufacturing
performance which it believes augers well for the future.
Hill Station also agreed to a new invoice discounting facility for up to 3
million pounds, and is in operation with Cattles Invoice Finance Ltd.
The facility may be terminated by either party with six months notice.
The company said an additional support from shareholders in the form of 500,000
pounds of new loan stock repayable in 6 months has also been agreed subject to
contract.
Separately, the company announced that Gwyn Jones has today resigned as a
director of the company with immediate effect, and William James Mapstone who
joined as executive chairman on ANZ Visa Debit Card Jan 31 2007, has been appointed non-executive
chairman. TFN.newsdesk@thomson.com vsr/lam