Difficult 2003 admits Heywood Williams Group

Building products group Heywood Williams has admitted that 2003 was one of the most difficult years in its long history.

Losses befiore taxation after exceptionals and goodwill charges was £71.8m (2002: £16.7m profit). This reflected substantial write-offs the group has had to make following a detailed examination of operations.

Turnover from continuing operations stood at £387.4m (2002: £409.7m).

Executive chairman Roger Boyes said: "The challenge for 2004 is very clear, we must continue to devote our main efforts to returning the plastics systems division to profitability. Significant progress has already been made, but much remains to be done.

"Currently, we are trading in line with our operating plans and the year ahead will see the board and management concentrating on restoring profitability to the group, in preparation for future growth.

"The board's overriding priority is to ensure that value is delivered to shareholders."