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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Birse Grp. | LSE:BIE | London | Ordinary Share | GB0001005684 | 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% | 14.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1559T Birse Group PLC 27 October 2000 Birse Group plc ("Birse") is currently engaged in a number of claims resulting from contracts entered into by Birse Construction Ltd. On 13 July 2000, Birse announced that following an arbitration process over work carried out on the Rhymney Valley Relief Road project, there was likely to be a significant asset write-off that would be charged as an exceptional item in the results for the six months to 31 October 2000. Birse has now been made aware of the likelihood of a further material write- off from another contract subject to litigation. The value attributed to that contract in the balance sheet of Birse as at 30 April 2000 was #16 million. Any write-off will be charged as an exceptional item in the results for the year ended 30 April 2001. Peter Watson, Chief Executive of Birse, said: "We are naturally disappointed that Birse's chances of recovering in full the costs associated with this old contract have reduced. Whilst a write-off will reduce shareholders funds, the Group continues to enjoy the support of its bank and believes it has sufficient facilities on an ongoing basis. We remain confident that the factors giving rise to this type of dispute are not a feature of business now being secured." Enquiries Birse Group plc 0113 245 0994 Martin Budden
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