Latest news from Tullis Russell
Tullis Russell Group Results
16 Jun 2011
Independent, employee-owned papermaking and specialist coating group Tullis Russell today announced a £3.4m increase in pre-tax earnings for the year to March 2011. The Group has also maintained a strong balance sheet closing the year with net positive funds of £11.5m.
Group Chief Executive, Chris Parr, stated; 'As expected market conditions were exceptionally challenging over the past year but despite this we have returned to profit and maintained an impressively strong balance sheet. At the same time we have further developed our long term strategic aims including the expansion of our global footprint within Asia, building our trucard brand and, together with our partner RWE npower renewables, progressed the construction of our new Biomass CHP Plant. We were able to increase our sales volumes despite very difficult global markets and also took positive actions to deal with the most relentless rise in pulp raw material costs that our industry has witnessed in more than a generation.'
Looking forward Parr commented; "We remain cautiously optimistic despite the continuing difficult economic climate. Weak demand, further raw material cost increases and rising energy costs, resulting from the Japanese disaster and unrest in the Middle East, will continue to exert short term pressures on our group. We remain confident however that our strategic focus, strengthened pricing disciplines and established Group-wide efficiency improvement programme will prove an effective response to these pressures. The quality of our people, our strong balance sheet, our respected brands and our excellent environmental reputation combine to provide a very positive basis for our future success."
For any comments contact:
Chris Parr, Group Chief Executive 01592 753311
Fred Bowden, Chairman 01592 753311
Geoff Miller, Group Finance Director 01592 753311
Issued on behalf of Tullis Russell by smarts. Further information from
Fergus Reid at smarts on
0141 - 222 2040 /