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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SS Lazio SPA | BIT:SSL | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.014 | 1.91% | 0.746 | 0.732 | 0.75 | 0.75 | 0.736 | 0.75 | 4,662 | 16:40:00 |
RNS Number:3881J SSL International PLC 31 March 2003 STRATEGIC REVIEW SSL International plc today announces the result of a detailed strategic review, undertaken to establish the best way to create value for shareholders. In conducting this review, the Board has been particularly aware of the importance for the development of both the Consumer and Medical divisions, of each receiving the required resources to be able to compete effectively in their global markets. The Board has concluded that it is in shareholders' interests to focus on the Consumer division, and to realise the value of the Medical division by means of disposal. To this end, Rothschild has commenced a disposal process on behalf of the Group. The proceeds of disposal will be used to reduce debt and invest in the development of the consumer business. In accordance with its normal practice, the Group plans to issue a full trading update for the year ending 31 March 2003 at the end of April. Sales performance to the end of February in all business areas has been slowed by difficult market conditions, particularly in the US and Italy, such that sales for the year are now expected to be approximately #620 million. The planned efficiency improvements and cost reduction programmes are proceeding on course, which will materially mitigate the effect on group profit arising from slower sales. The preliminary results announcement for the year ending 31st March 2003 will be made in early June 2003, at which time an update on the disposal process referred to above and the Group's plans for growing its core consumer business will be given. Commenting on today's announcements, Ian Martin, Chairman said: "We scrutinised the Group's capabilities and opportunities in all its markets and product areas. Our firm conclusion is that shareholders' interests would best be served by focusing resources on driving growth in the consumer business where SSL has two major international brands, Durex and Scholl." FOR FURTHER INFORMATION: SSL International plc 020 7367 5760 Brian Buchan, Chief Executive Garry Watts, Group Finance Director The Maitland Consultancy 020 7379 5151 William Clutterbuck/Brian Hudspith This information is provided by RNS The company news service from the London Stock Exchange END MSCBRGDXDUDGGXI
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