21 May 2009 09:31
Autoclenz Holdings plc
21 May 2009
Autoclenz Holdings plc
("Autoclenz" or "the Company")
AGM Statement
At today's Annual General Meeting (21st May 2009) Chairman, James Leek, will make the following statement to shareholders:
The general economic situation continues to be very challenging. I am pleased to report however, that we are making progress in meeting the objectives spelt out in our annual report:
Our overall profitability (per our unaudited Management Accounts for the first 4 months to April) is roughly in line with the same period for last year. Although there are some challenging months ahead, we are still targeting to achieve similar results to 2008
React, (our specialist cleaning and decontamination service) is showing some increase in sales and profitability as the new sales and operational structure are implemented
In Automotive Services, although sales are slightly below last year reflecting the recession, gross margin is showing good improvement and we are successfully reducing fixed costs. The increased sales and marketing resources are beginning to win new business for delivery later this year, by which time we hope to also see some success from our efforts to "cross sell" our range of services to our automotive customers.
Our cash generation is ahead of budget and we continue to comply with our bank covenants.
By the time we announce our half year results in September we should have a clearer view of how our sales objectives are succeeding in the current tough automotive market place, and whether there are signs of recovery.
For further information please contact:-
James Leek, Non-executive Chairman, Autoclenz 07966 528295 Grahame Rummery, Chief Executive, Autoclenz 08707 510 410 Trevor Clingo, Finance Director, Autoclenz 08707 510 410 Richard Hughes/Nick Cowles, Zeus Capital 0161 831 1512