AXA17 Feb 2010 09:42
RNS on 16 Feb shows that AXA increased it holding by 12,032,700 shares. Pre close trading update issued on 17th December stated:
Trading for the 11 months ended 30 November 2009
Trading performance remains strong despite challenging market conditions and the Group is expected to close 2009 slightly ahead of our expectations.
Total revenue for the eleven months to November 2009 is 11.4% below last year in actual currency and 17.5% below last year in constant currency. For the same period, our like for like revenue is down against last year by 9.4% in actual currency and 15.6% in constant currency.
In the second half of 2009, Group revenues are benefiting from a strong demand in New Cars in the UK and the early signs of an industry recovery in Hong Kong and Australia.
Our gross margin performance remains robust and we continue to benefit from good Used Car margins in several markets. Our After Sales business, which represents half of Group gross profit, is performing well.
Our cash flow generation remains strong and our cost base and working capital are well below levels at the end of last year.
Good enough for me to forget the short term gain and hold.