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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Havelock Europa | LSE:HVE | London | Ordinary Share | GB0004149356 | 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% | 2.30 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHVE
RNS Number : 3254F
Havelock Europa PLC
20 February 2018
20 February 2018
HAVELOCK EUROPA PLC
("Havelock" or the "Company")
Corporate update
Havelock Europa PLC (HVE.L), the international interior solutions provider, is pleased to announce an agreement in principle to secure additional funding for the Company. The Company also provides an update on trading in respect of the year ended 31 December 2017.
Havelock has reached agreement in principle on a package of proposals including (i) an extension of existing senior debt facilities of GBP5 million for a committed term of two years, (ii) additional subordinated debt financing of GBP3 million for a committed term of six years and (iii) revised deficit reduction contributions payable to the pension scheme.
The effect of the changes set out above, once executed, whilst in aggregate negatively impacting Havelock's profit and loss account by approximately GBP0.5 million per annum for the next two years, will be to provide sufficient funding to support the delivery of the new strategic and short term operational plan announced on 31 October 2017.
A further announcement will be made as soon as the related agreements are executed.
Although the Company's performance in the second half of 2017 represented a substantial improvement over the first half, it is expected that the Company will continue to have been loss-making in that period.
The Board expects to announce the Company's preliminary results for the financial year ended 31 December 2017 by mid-April 2018.
Shaun Ormrod, Chief Executive said: "2017 was a difficult year for Havelock but we have begun 2018 with the business fully aligned behind the new plan we set out on 31 October 2017. With a renewed commercial focus and with the backing of our funders, I am confident that the business can return to a position of market leadership in the medium term."
- ENDS -
For further information please contact:
Havelock Europa plc Tel. 01592 648648 Shaun Ormrod, Chief Executive Officer Donald Borland, Chief Financial Officer WH Ireland plc (Nomad) Tel. 020 7220 1650 Chris Fielding Charlotte Street Partners Tel. 0131 516 5310 (media enquiries) David Gaffney
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
February 20, 2018 02:00 ET (07:00 GMT)
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