Last checked at 8 Jul 2008 07:00
| For Immediate Release | 8 July 2008 |
AssetCo plc
("AssetCo" or the "Company")
AGM Statement
AssetCo plc, (AIM : ASTO) the leading support services group to the UK Fire and Rescue Authorities, wishes to update the market on current trading and prospects ahead of its Annual General Meeting which will be held at 11.30am today.
Updating shareholders on current trading, Tim Wightman, Chairman of AssetCo, said:
"Further to our last trading update at the end of May, which highlighted a record year in FY08 with underlying profit before tax increasing by over 100% to c.£10m, I am very pleased with the Company's trading performance in the first quarter of the current financial year which continues to meet the Board's expectations.
This encouraging performance of the business for FY09 has three key drivers:
the ongoing growth and expansion of services in our long term contracts (FY08 revenue growth rate of 14%);
synergies resulting from the integration of the six companies acquired in the last financial year; and
the benefits of our ongoing efficiency and client service improvement programmes.
Our strategic goals remain unchanged. We have made considerable investment in pursuing new long term contracts both in the UK and in the Middle East which, if successful, would be reflected in FY10's results. The Board views the Company's prospects with confidence as it continues to benefit from a high degree of visibility from its primary 20 year government contracts which provide it with a strong defensive platform in the current uncertain economic environment."
For more information please contact:
| AssetCo plc | Tel: +44 (0) 20 8515 3999 |
| John Shannon | |
| Frank Flynn | |
| Buchanan Communications | Tel: +44 (0) 20 7466 5000 |
| Tim Anderson | |
| Isabel Podda | |
| Hoare Govett Limited - Nomad Stephen Bowler John MacGowan Richard Crichton | Tel: +44 (0) 20 7678 8000 |
| Kaupthing Singer & Friedlander Capital Markets Ltd Nicholas How Marc Young | Tel: +44 (0) 20 3205 5000 |