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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Intechnology | LSE:ITO | London | Ordinary Share | GB0001388932 | 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% | 24.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2414B InTechnology PLC 10 April 2006 10 April 2006 InTechnology plc Trading Update on Financial Year Ended 31 March 2006 InTechnology plc announces its trading update for the year ended 31 March 2006. The Company's UK business achieved a significant improvement in its second half profitability but EBITAE for the Group as a whole will be marginally below current expectations, owing to a weak performance in its Continental European business. During the second half of the year, considerable management effort was concentrated on the restructuring of the UK distribution business and the sale of the Continental European ("CE") business. Furthermore, as a result of the sale process, the intended cost reduction plans in the CE business were postponed and so the division carried higher costs than anticipated throughout the period. However, the consideration from the sale, together with repayment of the inter-company account, is estimated to return cash of approximately #19m to InTechnology. This will greatly improve the Group's net debt, which at 30th September 2005, was #25m. In the UK, both divisions have significantly improved profitability as a result of the successful reorganisation programme. The continuing UK Distribution business is now in position to continue earning profits and generating a positive cash flow. It will always require attention in a changing market, where consolidation is already underway. Management focus will be directed towards growing the Managed Data Services business where the EBITAE profit continues to strengthen. The outlook for increased revenues and profits from Managed Data Services remains very good. Peter Wilkinson, CEO, commented: "InTechnology exits the year in good shape, having disposed of its loss-making European business and significantly improved its debt position at the same time. Following the restructuring of our UK business, our focus is now on continued profitable growth within our distribution and managed services divisions." InTechnology plans to announce its preliminary results for the year ended 31st March 2006 in June. For further information: InTechnology plc 01423 850 000 Peter Wilkinson Financial Dynamics 020 7831 3113 James Melville-Ross / Hannah Sloane This information is provided by RNS The company news service from the London Stock Exchange END TSTSSWFMWSMSELL
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