RNS Number : 5129S
PGI Group PLC
19 May 2009
19 May 2009
PGI Group Plc
Interim Management Statement
This Interim Management Statement is made in accordance with the requirements of the UK Listing Authority's Disclosure and Transparency Rules.
The statement covers the period from 1 January 2009 to date.
During the period there have been no material events or transactions affecting the Group and no significant change in the financial position. The Group's net bank borrowings have remained at a similar level to those at the end of 2008.
Overall the Group's financial performance has been satisfactory and in line with management expectations.
The food group businesses have made a good start to the year. Tea production has been about 4% higher than for the same period in 2008. Auction prices achieved have been similar to last year. Rose production has increased by 14% due to more benign growing conditions. Input price inflation has eased considerably during the period.
The Zimbabwe tea business is beginning to benefit from the more stable economic environment. It will take a long time to restore this business to a reasonable level of activity and we do not expect a positive contribution from this business this year.
The property market in Russia remains weak and this continues to curtail activity of the Jensen Group operations.
For further information:
PGI 020 7236 6135
Geoff Moores, Financial Director
This information is provided by RNS
The company news service from the London Stock Exchange
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