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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Dipford Grp | LSE:DIP | London | Ordinary Share | GB0031318883 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0799J Dipford Group PLC 18 September 2006 DIPFORD GROUP plc Annual General Meeting and Trading Statement At today's AGM, all the resolutions tabled were passed. The Executive Chairman, Jonathan Custance Baker announced that trading was currently running at a level which meant that the Group could not now be expected to meet market expectations for the full year to 30 April 2007. Profits before tax and goodwill amortisation are likely to be lower than last year. The two most recent acquisitions, Kings Business Transfer and Bruce & Company Limited, have been trading in line with expectations. The third, Redwoods Dowling Kerr, has not achieved its anticipated sales targets, in either volume or value. While we have not yet completed the first half of our financial year, the Board feels that it is prudent to assume that this situation is likely to continue for the balance of the Group's financial year. We have also conducted a debt collection review that has led to materially increased provisions. However, a significant proportion of the current year charge for bad debts relates to the end of the earnout year for Kings Business Transfer and is not expected to re-occur in future periods. As a consolidator, the Group has made one or more acquisitions in every completed financial year to date. The Group continues to have a number of acquisition projects under review. The Board does not, however, feel that any of these are likely to contribute in the current year. An analysis of the Redwoods Dowling Kerr sales indicates that these have been completed at a lower price per deal than that achieved by Dowling Kerr prior to its absorption of Redwoods. Tighter bank lending requirements and more conservative business valuations have contributed to the reduction in the number and speed of deal completions. Buyers' interest rate fears and the Chancellor's major announcement on nursery sector funding have also affected the market. The effect of these factors was masked by significant trading volatility during the summer months which has now become clearer and resulted in the need for this announcement. Looking forward, one of the long-term indicators of future turnover and profit is the number of businesses signed up for sale. This has been on a long-term upward trend which the Board remains confident will continue. This should enable us to return to the growth which has characterized the Group since its creation four years ago. For further information please call: Jonathan Custance Baker - Executive Chairman Tel: 01392 256800 Barrie Newton - Rowan Dartington Tel: 01179 330011 This information is provided by RNS The company news service from the London Stock Exchange END AGMLPMMTMMTBBLF
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