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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Albis Leasing | TG:ALG | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.10 | 4.13% | 2.52 | 2.48 | 2.56 | 2.52 | 2.38 | 2.38 | 20,121 | 22:50:02 |
RNS Number:7853M Autologic Holdings PLC 26 June 2003 AUTOLOGIC HOLDINGS PLC PRE-CLOSE PERIOD UPDATE In line with best market practice AutoLogic has decided to adopt the policy of issuing a trading update prior to going into its close period preceding its interim and preliminary results. AutoLogic is releasing the following update on trading in the first half of 2003 and expects to announce its interim results on 20th August 2003. We stated in our results announcement in March that we expected trading conditions to be tough in 2003. Market conditions in the vehicle logistics sector across Europe in the first quarter of the year were in line with our expectations but significantly deteriorated during the second quarter, with some of the largest markets for the Group experiencing particularly weak volumes. France and Benelux have been particularly badly hit by the downturn, with cumulative decreases in Group volumes in these countries for the first half year of up to 17.5% and 22.7% respectively compared with the same period last year. In addition, the situation in France has been compounded recently by a series of national strikes. Furthermore, in contrast with previous years, some of the Group's major customers have suffered the greatest falls in volumes with year on year reductions for April and May in our key markets of over 20%. Although volumes in the United Kingdom have been more resilient, these nevertheless fell 5.6% in April and May compared with the same period in 2002 and the Group has experienced significant UK volume volatility. As stated in our full-year results in March, further restructuring of the French and Benelux businesses has been aggressively pursued in order to bring them closer to the operational efficiency of the Group's benchmark operations in Walon UK and Spain which, with their more flexible cost-base, have proved more resilient. The Group is pleased to note that CAT (Compagnie d'Affretement et de Transport), in which it holds a 40% interest, has continued to trade in line with expectations, reflecting the flexible cost-base of this business, against the background of a significant fall in volumes in its vehicle logistics division. Despite the current trading conditions, the development strategy of the Group remains sound and the Group continues to win new business. Notwithstanding the downturn in the second quarter, AutoLogic expects pre-tax profits for the first half of 2003 to be broadly in line with market forecasts although some of the restructuring costs anticipated to be incurred in the first half of the year will not now be incurred until the second half. However, if current market conditions continue in the second half of the year, full year trading results will be significantly below current estimates. The Group also announces that, following a strategic review of its property portfolio in 2002, it has agreed to sell a number of operational sites in France. These sites will be leased back on normal commercial leases. The aggregate cash receipt on the sale of these sites will be approximately #28m. The net proceeds of the sales will be used to reduce debt. These sales had no impact on the Group's first half profits. The continuing restructuring of the Group's operational sites may result in additional disposals later in the year. For further information, please contact: John Merry Chairman 020 7420 0555 Philip Nuttall Group Finance Director 020 7420 0555 Bell Pottinger Financial: Press/Analysts: Jonathan Brill 020 7861 3865 Robin Tozer 020 7861 3891 Investors: Neville Harris 020 7861 3894 This information is provided by RNS The company news service from the London Stock Exchange END TSTUVVNRONRNUAR
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