AIREA (AIEA) Trading update summary

Trading performance

• H1 sales to 30 June 2024 fell 5.6% YoY, slightly ahead of the overall market trend.

• UK and ROI sales declined 0.3% YoY; international sales fell 21.9%, affected by economic and geopolitical concerns.

• July trading was positive, with a strong order book, particularly for low-carbon and carbon-neutral products.

Operations and investment

• The Q2 sales dip left inventory higher than normal at period end; second-half actions are planned, alongside a review of stockholding policy to improve efficiency and cash generation.

• The Ossett manufacturing facility investment remains on track for completion in early 2025; several new product launches are scheduled for H2.

Outlook

• Trading is expected to improve in H2, but FY sales growth and profit expectations have been moderated due to difficult Q2 conditions and ongoing transformation investment.

• Long-term trading and growth prospects remain a source of confidence; interim results are scheduled for 26 September 2024.