Assetco Share News (ASTO)

Assetco Information

There is currently no data for ASTO

REMOVE ADS

Assetco expects better second half

Mon, 13th Dec 2010 17:15

Outsourced fire and rescue services provider AssetCo says that its contract in the UAE will start to generate revenues in the second half of its financial year. Revenue grew 4% to £17.1m in the six months to September 2010. The underlying growth was even stronger. Excluding an unrealised £791,000 loss on fair value of a financial instrument, pre-tax profit improved from £3.57m to £4.16m. The main reason for the improvement in profit was lower overheads. Net debt has risen from£75.7m to £77.1m in the six months to September 2010. AIM-quoted AssetCo is negotiating with its banks about releasing additional cash from its non-recourse asset financing. There is just over £10m in the balance sheet relating to assets held for sale. That value was written down by £4.85m. The sale of vehicles producer Treka Bus has been completed and negotiations are advanced for the sale of other non-core assets.