2 April 2014 – trading update
An update has been provided for the year ended 29 March 2014. Group revenues in the second half of the financial year were up on the first half. Electrox Laser performed particularly well. Worldwide total market consumption of machine tools declined in 2013 by approximately 8.5%. There was a significant reduction in consumption in Asia and North America, with European markets more stable. Group revenues and order intake during the final quarter ended 29 March 2014 were particularly encouraging. Industry forecasts for 2014 anticipate a return to double digit market growth, led by North American and European markets. Overall, results for the year ended 29 March 2014 are due to be in line with expectations and there has been a positive start to the new financial year. BUY.