Treacle2916 Aug 2009 09:36
Hmmm thius blatant ramping has to end
Your figures are way out
Media accounted for 5.5 mill out of 8 H1 2009 now gone
Total contract losses 463 mill
The notification during early 2009 of the loss of significant contracts in the News division is clearly a significant matter in the context of the overall Group. It is now known that contracts representing some 67 per cent. of the division's, and 60 per cent. of the Group's, turnover for the last financial year will not be renewed as they expire over the period between July 2009 and February 2011.
Figure is now higher 60% of turnover now gone when put into admin
Pension Fund
The net retirement benefit obligation for the Group has increased by £4.4m as against September 2008, despite the Group having contributed £0.4m of deficit funding in the period. This reflects primarily the falling asset values owing to current market uncertainty.
During the course of 2008, the Group, recognising the fact that it could no longer, despite its best efforts, afford to offer its employees defined benefit pensions, ceased to accrue further pension benefits in defined benefit scheme after 30th June last year.
Pension fund is or was before admin as nowobviously less employees as they wrere transfered to mnzs under the 2p rule 8 mill in deficit
There is a long way to go and it will be slow
Mm's are waitintg for the pension fund to buy up shares as in a tradeing update some while ago