ARTD | Trading Update

Published: 26 May 2014
ART Holdings Limited issued the following trading update covering the six months to 31 March, 2014.

The liquidity challenge affecting the economy and declining consumer spending had a negative impact on the overall aggregate demand of ART Holdings Limited's products. Battery and paper volumes are behind prior year 10% and 13% respectively. Stationary volumes, however, are ahead of prior year by 18%, coming off a low base in the prior year.

Total revenue is down 8% on prior year. The half year results will be lower than expected, recording a slightly higher loss than had been projected.

Progress has been made on the business recapitalization front, with commitments of $1.8 million having been made. Delivery and commissioning of the equipment is expected later in the year with full benefits to be realized in 2015. Arrangements to restructure the balance sheet and the bank loans are in progress.

The group's overall profitability in the current year is premised on a recovery in the second half of the year. The anticipated increased battery demand in winter is expected to result in improved trading during this period.
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