BLTG.L Regulatory News (BLTG)

27 Jun 2006 07:00

Fonebak plc27 June 2006 Fonebak plc (the "Company") Trading Update and Management Changes Fonebak, the leading outsource service provider for mobile phone handsetservices, including fulfilment, repair, resale, recycling and environmentalsupport services, announces a trading update together with management changes. Trading update The Group announces that trading is currently in line with expectations.Fonebak has continued to build on the sound progress reported at the time of itsinterim results. Fonebak's increasing European presence is beginning to showresults, with significant increases in "inbound units" from Europe in the secondhalf of the year. The Group's refurbishment centre in Romania is deliveringanticipated volumes and the Group is pleased with the progress of Intec, whichwas acquired last July, particularly in its fulfilment services offering. The Group has recently agreed a number of major contracts, including a contractwith O2 (UK) Limited ("O2") for their mobile phone reuse and recyclingactivities and the extension of a contract with the CPP Group plc ("CPP") for afurther minimum three-year term. Management Changes The Board announces that Kathy Woodward, Chief Executive, has decided to resignas a Director and Chief Executive for personal reasons. While her resignationis with immediate effect, she will continue to remain with the business for thenext 6 months and will work alongside Gregoire Dumoulin, currently head of theGroup's successful European mainland development activities, who has beenappointed Acting Chief Executive. Gregoire has 17 years experience in thetelecommunications industry and an MBA from Erasmus University (Rotterdam Schoolof Management). He has worked with the Fonebak business since its early stages. The Company has also appointed Paul Crossman as Operations Director with effectfrom 1 September. Paul has a strong and relevant background in operations,having previously held senior supply management roles with 3. Gordon Shields, Chairman of Fonebak, said: " I am pleased that trading is progressing well across all areas of ourbusiness. The agreement of a new contract with O2 and the renewal of ourcontract with CPP are extremely positive developments. I would like to take this opportunity to thank Kathy Woodward for her hard workin moving Fonebak forward over the last four years. I understand her decisionand she leaves the Group well positioned for the next stage of its development.I wish her well for the future. I am pleased she will continue to providesupport to Fonebak over the coming months. On a different note, we are very pleased Paul has decided to join Fonebak. Paulhas a huge amount of operational and management experience that will beinvaluable to the development of the company". 27 June 2006 Enquiries: Pelham Public Relations James Henderson 020 7743 6673 Charles Vivian 020 7743 6672 This information is provided by RNS The company news service from the London Stock Exchange