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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aerobox | LSE:ARX | London | Ordinary Share | GB0032654427 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.47 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0319H AeroBox plc 01 August 2006 AeroBox PLC ("ARX" or the "Company") Trading Statement The Company today provides a trading update on group prospects following a sequence of significant events that have occurred within the Company's main operating subsidiary, AeroBox Composite Structures ("ACS"). In response to a quickly developing order book ACS increased its manpower levels to produce a forecast 800 unit load devices ("ULD") per month from May 2006. At the same time the Board appointed a new operations manager of ACS to manage the expanding production requirement at ACS. Towards the end of June the Board was informed that certain key manufacturing processes were unable to sustain volumes at the required rate. A key issue revolved around the special panel forming process and, in particular, the edge forming machines specified and installed by previous management of ACS. The higher output requirement has exposed that the machinery is unreliable, causing excess scrap and subsequent FAA inspection difficulties, thus creating serious production bottlenecks. Although output in June was 345 ULDs (significantly above the highest recorded previous monthly level of 167) the actual volume was below that included in forecasts submitted to Laurus Master Fund ("LMF") as part of the $3,000,000 revolving debt facility (announced on 2nd May 2006). The low output was affecting delivery schedules to customers and the cash requirement at ACS. Consequently the Board met with LMF to discuss the ongoing funding of ACS during which LMF advised they wished to consider their position in light of lower than forecast production output. An agreement was reached on 27th July for LMF to provide sufficient working capital for ACS to complete orders currently in progress which are expected to be completed by mid-September, but ACS currently has no indication whether the previously agreed long term debt facility will continue to be available. The short-term plan agreed with LMF included a significant reduction in staff and on 28th July 33 ACS employees were made redundant. ACS is also currently in discussion with its creditors over a compromise agreement to reduce its exposure. At Universal Core ("UC"), trading is at levels consistent with 2005 and has been receiving honeycomb core from ACS which, as a consequence of the LMF action, can no longer be financed. In its current constrained state UC cannot meet its customers' needs and UC will not be able to achieve the sales target of $2,500,000 in 2006. The ULD operation currently has over $10,000,000 of unfulfilled orders for delivery over the next three years and the Board continues to believe that with a cost effective manufacturing facility it has a viable future. Consequently, the Board has decided to seek a strategic manufacturing partner for the ULD operation and this process has commenced and a number of possible partners have been identified. The Board is urgently reviewing all other options available to it, including a disposal of ACS, and will advise shareholders of further developments as soon as it is able to do so. Enquiries: Ray Gibbs Group Managing Director, AeroBox plc +44 207 929 5599 Trevor Phillips Holborn +44 207 929 5599 Jeremy Porter Seymour Pierce +44 207 107 8000 This information is provided by RNS The company news service from the London Stock Exchange END TSTWUUCWMUPQGBG
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