Trading Update

26 Jan 2007 07:30

Torex Retail PLC26 January 2007 Torex Retail plc (the "Company") Trading Update Further to the announcement of 18th January 2007 relating to contract wins, theBoard of Torex Retail plc now believes the outturn for the 2006 financial yearis likely to be significantly below market expectations. It is still in theprocess of finalising its accounts but, in the light of this situation, it hasrequested a temporary suspension of its shares pending further clarification. The Board would also like to advise the market that, mainly as a consequence ofcontracts previously expected to be delivered in 2006 being deferred into 2007,its borrowings at the year end were some £23 million higher than previouslyexpected. The Board has appraised the Company's banks of the position and iscontinuing discussions regarding the situation. - ends - Enquiries: Citigate Dewe Rogerson: Ginny Pulbrook, Executive Director Tel: 020 7638 9571 Seb Hoyle, Director Tel: 020 7638 9571 About Torex Retail - www.torexretail.com Torex Retail is a leading independent provider of cutting edge retail technologysolutions to many of the world's principal retailers. Since the company'sflotation in spring 2004 Torex Retail has achieved rapid growth across all ofits markets and has rigorously pursued its goal of becoming the provider ofchoice. As a result, the company now has a presence in all of the major marketsaround the world and has built a strong platform for future growth in line withits strategy. Torex Retail's product and solution set spans high street andout-of-town retail as well as the petroleum and convenience sector and with over6,000 customer relationships, including Tesco, Woolworth, Selfridges and Argos,the company has earned a leading reputation amongst retailers. Torex Retail hasmore than 2,800 staff based in 22 countries. This information is provided by RNS The company news service from the London Stock Exchange