1 Dec 2015 07:00
1 December 2015
Rotala plc
("Rotala" or "the Company" or "the Group")
Fuel Hedging
Rotala is pleased to announce the following update on the diesel fuel requirement of the group and the extent to which it is hedged.
The board has a stated policy of hedging the fuel requirements of the group as far forward as possible in order not to be subject to the risks and uncertainties of fuel market fluctuations. Currently the annual fuel requirement of the group is about 11 million litres. For the year ending 30 November 2015 the average cost of fuel to the group was about 108p a litre.
· For 2016 the Company has in place hedges against about 89% of its fuel requirement for the year at an average price of about 101p a litre.
· For 2017 the Company has in place hedges against about 84% of its fuel requirement for the year at an average price of about 95p a litre.
The opportunity has now been taken to extend the coverage of the group's fuel hedges into 2018. For that year about 43% of the fuel requirement for that year has been hedged at an average price of 91p a litre.
The board will continue to monitor market conditions closely and take out such further fuel hedges as it deems are appropriate to meet its objective of reducing volatility and creating business certainty.
For further information please contact:
Rotala Plc | |
John Gunn, Chairman | 020 7602 7500 |
Simon Dunn, Chief Executive | 07825 808 525 |
Kim Taylor, Group Finance Director | 07825 808 529 |
Numis Securities Limited | 020 7260 1000 |
David Poutney (Corporate Broker); Richard Thomas (Nominated Adviser) |