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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Avid Holdings | LSE:AVD | London | Ordinary Share | GB00B06GHM23 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.095 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
FOR IMMEDIATE RELEASE AVID HOLDINGS PLC ("Avid" or "the Group") TRADING UPDATE Avid, the precision engineering Group, today provides an update on current trading and announces that the Board intends to raise short-term finance. Since the announcement of the Interim Statement for the six-months ended 30 June 2008, performance for Alpha Anodising and Pill protect have been in line with expectations. Trading at Electro-mec for July was also in line with expectations, but the late completion of a major order has resulted in a significant reduction in cash generation. This, combined with a tightening of creditor terms and an extension of debtor days, has put pressure on short term cash position of the Company. The Directors are endeavouring to raise additional working capital and are in discussions with a number of sources. They are hopeful that they will be in a position to update the market on the conclusion of these discussions shortly. The Board is pleased to announce that Electro-mec has recently won an important contract worth £237,000 for delivery early next year. The Group continues to look at opportunities to consolidate within the precision engineering sector. For further information contact: Jonathan Bobbett, Chief Executive Avid Holdings plc +44 (0) 1622 872 022 Ross Andrews, Nominated Adviser Zeus Capital Ltd +44 (0) 161 831 1512 END
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