14 May 2009 07:00
Safeland Plc ("Safeland" or the "Company")
Trading Statement
Given the recent deterioration in the value of commercial property and the difficult environment for trading property assets generally, the Company has decided to review its property assets in conjunction with external valuers.
Following this, the Company has taken the prudent approach of substantially writing down the value of its assets, which will result in Safeland's preliminary results for the year ended 31 March 2009 showing a Net Asset Value equating to approx 63 pence per ordinary share. This is significantly below current market expectations, but well in excess of 15.5p, the Company's mid market share price at close of business on 13 May, the day prior to this announcement.
These write downs will go through the Company's profit and loss account, and accordingly, the loss before tax for the year ended 31 March 2009 will increase to approx £8.6 million. Net Debt, in the director's view, remains manageable.
The Company will announce their preliminary results for the year ended 31 March 2009 the week commencing 29 June 2009.
Contacts:
Paul Davis, Finance Director, Safeland Plc: 0208 815 1600
John Prior/Tom Griffiths, Arbuthnot Securities: 0207 012 2000