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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Acertec | LSE:ACER | London | Ordinary Share | GB00B0836H98 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMACER RNS Number : 6100N Acertec PLC 19 February 2009 19 February 2009 Acertec plc ("Acertec" or the "Group") Settlement of dispute and trading update On 30 July 2008, Acertec announced that it had initiated litigation against a major supplier to the former reinforcement business of its Acertec Construction Products division. Acertec announces that it has now agreed to settle this dispute and that the supplier has agreed to pay GBP2.14 million in damages to the Group and to write off approximately GBP2.40 million owed by Acertec, for which provision had been made in Acertec's interim results for the six months ended 30 June 2008. This results in a net settlement value to Acertec of approximately GBP4.54 million. Of the GBP2.14 million damages that the supplier has agreed to pay, GBP1.3 million has already been received; the remaining GBP0.84 million is due to be received in instalments before 2 September 2009. The proceeds will be used to reduce Group debt. As highlighted in the interim results announcement in September, it was expected that market conditions would remain challenging in the automotive sector throughout 2009. Since this announcement, the Board has taken important actions to reduce costs within Stadco. However, as has been well publicised, volumes at Jaguar Land Rover, BMW Mini and Ford have continued to decline and revenues within Stadco have been impacted in both Germany and the UK. As a result, Stadco is currently incurring significant losses in its UK operations, although its German business remains profitable. The outlook for the automotive industry for the remainder of 2009 continues to be uncertain and the Board will take further action as required. Trading in Acertec Construction Products has started the year in line with expectations. The divisional management team has made good progress to improve the division's margins and cash flow following the disposal of its steel reinforcement operations in September 2008. The Group is in constructive discussions with its banking syndicate in relation to an extension to the term and quantum of its revolving credit facilities which expire on 31 October 2009. - Ends - Enquiries: +-----------+---------------+ | Acertec | 01743 452621 | | plc | | +-----------+---------------+ | David | | | Hussey, | | | Executive | | | Chairman | | | Steve | | | Kynaston, | | | Finance | | | Director | | +-----------+---------------+ | | | +-----------+---------------+ | Hawkpoint | 020 7665 4500 | | Partners | | | Limited | | +-----------+---------------+ | David | | | Renton | | +-----------+---------------+ | | | +-----------+---------------+ | Weber | 020 7067 0700 | | Shandwick | | | Financial | | +-----------+---------------+ | Nick | | | Oborne | | | / | | | Clare | | | Perks | | +-----------+---------------+ Notes to Editors: Acertec is comprised of two divisions, Stadco and Acertec Construction Products (formerly BRC). Stadco is a leading supplier of body-in-white pressings and sub-assemblies to automotive OEM's in the UK and Germany. Acertec Construction Products supplies high performance engineered solutions for the mining, civil engineering, building and security industries. This information is provided by RNS The company news service from the London Stock Exchange END TSTUKVVRKBRUAAR
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