FWD
FWD
FWD - Freeworld Coatings Limited - AGM Statement
Freeworld Coatings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2007/021624/06)
ISIN: ZAE000109450
Share code: FWD
("Freeworld Coatings" or "the company")
AGM STATEMENT
Trading in the first quarter of the current financial year (October to December
2009) has remained resilient albeit slightly lower than the comparative
quarter`s performance of 2009, which remains the company`s best ever trading
period. The weaker economic environment experienced in the last quarter of 2009
is continuing into this year. Expectations are for a weaker economic
environment in this first half than for the first half of 2009, with weakness
and uncertainty continuing for the balance of the financial year.
Freeworld Coatings has a strong portfolio of coatings brands, a comprehensive
product range and a wide geographical distribution. The recent launch of the
Professional Evolution "green building" range as well as the RemovALL, Terraco
and new Protective Coatings product ranges have all been successfully received
in the market. In addition, the company has been awarded the Best Paint Product
award by AC Nielsen for Cashmere and also received a similar best product award
for its RemovALL product range in its category.
The company remains well positioned to take advantage of any economic upturn and
will persist to achieve greater efficiencies across the business. We remain
confident that the company will continue to perform competitively in a difficult
trading environment.
Paulshof
5 February 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 05/02/2010 12:15:02 Produced by the JSE SENS Department.
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