Review of Trading and Financial Performance

 

TIDMCNT 
 
RNS Number : 6861Q 
Connaught PLC 
06 August 2010 
 

 
                                  Connaught plc 
 
                         ("Connaught" or the "Company") 
 
                  Review of Trading and Financial Performance 
 
 
In its announcements of 26th and 29th July, 2010, Connaught said that it was 
undertaking a review of its current year trading performance and the 
implications this may have on its full year financial performance. 
 
This now indicates that the Company will record a material loss at an EBITA 
level (including current year exceptionals) and will be no better than breakeven 
at an adjusted EBITA level for the current financial year to 31st August, 2010. 
At the same time we are reviewing the segmental presentation of the business. 
 
In addition, the Company also anticipates making provision for future losses on 
current contracts in its results for the financial year ending 31st August, 
2010. 
 
In the context of its reviews, the Company also anticipates that it will make 
significant write-downs in respect of the carrying value of assets as at 31st 
August, 2009, the previous year end. This is before taking account of the impact 
of the ongoing assessment into the accounting policy for mobilisation costs. 
 
The Company's review is continuing and further details will be announced in the 
preliminary results for the current financial year. 
 
Sir Roy Gardner said: 
 
"Further to my appointment as Chairman in May and my establishing a series of 
independent reports on the business, it is clear we face challenges in turning 
this Group around, but I remain both confident that this can be achieved and 
committed to seeing the process through. 
 
 "My focus, and that of the new executive team, will be to continue the 
plans for the refinancing of the Company for the benefit of all our stakeholders 
who have shown loyalty to Connaught over the years.  The business remains 
committed to delivering excellent quality and service for our clients. 
 
 This is a business worth fighting for and my new team and I ask for your 
continued support for our efforts to rebuild Connaught." 
 
 
Contacts 
 
Connaught                                                                  01392 
340 667 
Paul Haines 
 
Finsbury 
020 7251 3801 
Faeth Birch 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTKKADDDBKDAFK