Last checked at 14 Apr 2009 07:00
Trading Update
AssetCo plc, (AIM : ASTO) the integrated support services business, today provides a
trading update for the year ending 31 March 2009.
Despite the difficult overall economic environment and the non-recurring losses incurred at UVM and TVAC outlined in the interim results, pre-tax profits, before discontinued operations and exceptional restructuring costs amounting to approximately £1.5million, are expected to be at the lower end of market expectations. As already announced, TVAC was placed into administration in December 2008, therefore it will be accounted for as a discontinued operation with the investment being written off in full.
AssetCo has maintained its order book at £600m. It continues to benefit from a high degree of visibility from its long term integrated service contracts which continue to grow. However, in the current economic environment, there is less visibility of revenues above AssetCo's core base contracts than historically. The reduction in overhead costs and the investment made during the year in the vehicle and equipment businesses, particularly UVM, will enable them to benefit as and when economic conditions recover. In addition, the Group has also made significant investment for the future in the Middle East.
The Company's Full Year Results are expected to be announced the week commencing
16 June 2009.Enquiries:
| AssetCo |
| Tel: +44 (0) 20 8515 3999 |
| Frank Flynn, Chief Financial Officer |
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| James Collins, Investor Relations |
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| Pelham Public Relations |
| Tel: +44 (0) 20 7337 1500 |
| Alex Walters |
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| Francesca Tuckett | ||
| RBS Hoare Govett - NOMAD |
| Tel: +44 (0) 20 7678 8000 |
| Stephen Bowler |
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| John MacGowan |