Heywood Williams Group described 2003 as 'one of the most difficult years it has encountered'

Heywood Williams Group described 2003 as 'one of the most difficult years it has encountered'

Describing 2003 as “one of the most difficult years that the Heywood Williams Group has encountered”, the UK-listed PVC products manufacturer today announced a loss after exceptional items of Ј71.8m (E105m).

The group admitted its UK business had been overstretched in meeting an ambitious change programme launched in 2001. It took a goodwill impairment charge of Ј20m (E29m) relating to its UK plastic systems division, as well as making an exceptional charge Ј16m (E23m) for restructuring UK businesses during 2003. The operating loss pre-exceptionals was Ј1.6m (E2.4m)

Executive chairman Roger Boyes said: “We must continue to devote our main efforts to returning the plastics systems division to profitability as this business is pivotal to the success of the Heywood Williams Group going forward. Significant progress has already been made, but much remains to be done.”

The company has appointed Robert Barr as group chief executive. He has held the posts of managing director at medical moulder Bespak in Europe and chief operating officer at building products Kingspan Group.