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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Business Direct | LSE:BDG | London | Ordinary Share | GB00B02KK416 | 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% | 0.365 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8014O Business Direct Group Plc 26 February 2008 BUSINESS DIRECT GROUP PLC Trading Statement Business Direct (BDG:AIM), the leading specialist provider of logistics solutions to the field-based personnel market, provides a trading update ahead of its intention to announce its results for the year to 31 January 2008 on or around 29 April 2008. The Board now expects the pre-tax loss (before exceptional items) for the 12 months to be of the order of £3.4m (2007 13 months: £1.9m). Accordingly, the result on that basis for the second half is now expected to be worse than the £1.6m reported for the first half, rather than the considerable improvement forecast in the Interim Announcement of 18 October 2007. The shortfall can primarily be attributed to three main areas. Firstly, Specialist revenues, which fell short of expectations by £0.8m as the pre-Christmas peak and a one-off project in January 2008 failed to materialise, albeit, the latter is still expected to happen. Secondly, whilst In night revenues held up, the mix reflected more bias towards In-boot work which generates a lower margin than ParcelXchange work. Thirdly, there are additional overhead costs resulting from write offs of Balance Sheet items. Relative to the 13 months to 31 January 2007 (on a 12 month pro rata basis), unaudited management accounts for the year to 31 January 2008 show an increase in both turnover (by approximately 5%) and gross profit. The adverse variance is in the area of overheads as the new management team invested substantially for the future in people, processes, and service enhancements. Commercially, a considerable amount has been achieved in the year, with a financial benefit that is mainly in the future. * The In-Night Division: - increased ParcelXchange occupancy to 60% from 51%; - established and secured substantial contracts for its in-bound freight service from Germany (which contributed significantly towards a 25% increase in divisional turnover in the second half relative to the first half); - trialled a P.U.D.O. (manned pick-up, drop-off) service with a leading trade distributor of building products; and - tested a B2C ParcelXchange solution aimed at consumers ordering goods online. * The Specialist Division: - secured a 5 year contract with Computacenter; - moved from a fixed to a variable cost model; - enhanced its IT systems; - renewed its vehicle fleet; and - traded out of some low-margin accounts. * The Worldwide Licensing Division: - was established to lease ParcelXchange internationally; - secured its first customer; and - entered discussions about possible business with several other very large entities. So as further to improve the prospects of the Specialist Division, the Board has decided to close the under-performing Watford location. This will entail an exceptional charge in the year to 31 January 2008 of approximately £0.6m, but is expected to generate annual savings of the order of £0.6m. With net debt at 31 January 2008 totalling £3.8m, the Group has recently secured substantial further funding for its future working capital and capital expenditure requirements. This totals £2.2m and derives from the sale to a specialist funder, Total Asset Limited, of future receivables arising from the Jungheinrich European in-bound freight contract. The agreement has a term of 44 months and involves the Group receiving the discounted value of future revenues at today's value. The Board now considers that an underlying pre-tax profit is unlikely in the year to 31 January 2009, but believes that substantial progress will be made towards a break-even result, with further substantial financial progress being achieved in the year to 31 January 2010. Commenting on performance and prospects, Business Direct's Chief Executive, Paul Carvell, said: "The Group has been through a difficult period of restructuring and reorganisation. With most of this now behind us, we are confident that the strategy we have adopted is capable of delivering long term value for our shareholders." Enquiries: Business Direct Group plc 01788 - 821 200 Paul Carvell (CEO) Martin Wright (CFO) Arden Partners (NOMAD and Broker) 0121 - 423 8900 Steve Douglas Bankside Consultants 020 - 7367 8851 Charles Ponsonby This information is provided by RNS The company news service from the London Stock Exchange END TSTZGGZZVVVGRZM
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