Exel Composites records impairment in the Australian and UK business units, and publishes preliminary Q4 and financial year 2012 results
EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 6.2.2013 at 8.00 a.m. EXEL COMPOSITES RECORDS IMPAIRMENT IN THE AUSTRALIAN AND UK BUSINESS UNITS, AND PUBLISHES PRELIMINARY Q4 AND FINANCIAL YEAR 2012 RESULTS Exel Composites Plc has carried out annual group and cash generating unit level goodwill impairment tests according to IAS36 in relation with the closing of the accounts. The financial performance of the Australian and UK business units weakened during the fourth quarter 2012 in spite of corrective action undertaken. The market conditions