MPAY.L Regulatory News (MPAY)

22 May 2008 09:11



Issued by Citigate Dewe Rogerson on behalf of Autoclenz Holdings Plc

Date: Thursday 22 May 2008

Immediate Release

Autoclenz Holdings Plc

("the Group")

The UK's leading out-sourced car valeting and vehicle preparation provider

Annual General Meeting

At today's Annual General Meeting (22 May 2008), Chairman, John Bell will make the following statement to shareholders:

"Like many other companies, we expect to see the challenges of a tougher economic and commercial trading environment continuing throughout our 2008 financial year. 

In response we are undertaking a fundamental review of operating procedures and costs across all Group activities to seek significant savings, without compromising the level of service that we provide.

"At the same time, we continue to investigate and develop new business opportunities. In my Chairman's Report, I highlighted a number of initiatives such as our new service 'Movements by Autoclenz'. This added value service introduced at the end of 2007 is trading in line with our expectations. This new activity builds on our presence in the car rental market and provides a strong base from which to grow this part of the business whilst helping to reduce our dependence on the valeting sector.

"Trading conditions remain tough throughout the whole of the automotive industry and this obviously impacts on our core valeting business but our sales team are working hard to find new business opportunities.  The increased focus on sales, launched earlier in the year, is beginning to compensate for the loss of business in our car auction division.

"Overall, despite challenging trading conditions, the Board is confident that the Group is well placed to generate and deliver on the value enhancing opportunities in front of it in the medium term. This will enable us to continue to invest in the business and seek a return to our progressive dividend policy moving forward.

"As part of the Group's investor relations activities, Autoclenz will be taking part in the Growth Company Investor Show being held at The Barbican Exhibition Halls on 11 June 2008."

Notes to Editors:

Founded in the 1960s, Autoclenz is widely recognised as the leading name in car valeting and vehicle preparation in the UK. The Company provides the complete package for the total valeting operation that includes labour, chemicals, equipment, materials, management and quality control systems that are required to achieve quality vehicle preparation. A commitment to a high quality, cost effective service has made Autoclenz a key partner to many of the best known names in the fleet, daily rental, auction and dealer network across the country. Key customers to Autoclenz include Helphire, Premier First, AVIS and major automotive groups.