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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jarlway | LSE:JWY | London | Ordinary Share | GB00B09JC675 | ORD 0.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8077L Jarlway Holdings plc 15 January 2008 For Immediate Release 15 January 2008 Jarlway Holdings PLC ("Jarlway" or "the Company") Trading Update The Board of Jarlway today announces an update on trading. The Chairman's Statement set out in the Company's Interim Results for the Six Months ended 30 June 2007 referred to supply shortages of one major part affecting the Company's ability to exploit fully the China market for trailer pumps. It did not prove possible to resolve these difficulties as quickly as the Jarlway Board had anticipated and for this and other reasons referred to below, it has now become apparent to the Board that the Company is likely to make a loss of approximately £850,000 (unaudited) for the year ended 31 December 2007. In addition to the supply shortages referred to above, the expected loss for the year ended 31 December 2007 has arisen principally due to the following additional factors: * The Company has continued to tighten its credit control and exercise greater selectivity in accepting orders for trailer pumps to improve cash flows, resulting in a decrease in the sales of pumps compared to 2006. * An additional £700,000 of provision for bad and doubtful debts is being made in relation to debts mainly originating in or before 2005. * The investment required to increase production capacity for the new product lines, and particularly tower cranes, has been higher than anticipated and the Company's shortage of capital to fund the investment has meant that production has been slower coming on stream than hoped for. The total amount invested in tower cranes and placing boom has already reached RMB30 million which is more than the investment previously made in trailer pumps. However, the Company is now able to produce both product lines. * The macroeconomic controls by the Chinese Central Government has started to put restraints on the growth of infrastructure developments in China as well as willingness of banks to lend near the end of 2007, resulting in fewer orders and downward pressure on prices of the Company's trailer pumps. The Jarlway Board wishes to emphasise that based on the current financial position of the Company and market conditions, the Company continues to trade normally and has adequate working capital for its present requirements. -end- For further information please visit www.jarlway.com or enquire to: Jarlway Holdings plc David Thomas +44 7753 457 931 Ng Chi Chor +86 13316269616 Nominated Adviser Nabarro Wells & Co. Limited Robert Lo/Richard Swindells / Kevin Lynch +44 20 7710 7400 This information is provided by RNS The company news service from the London Stock Exchange END TSTZGGMMZKMGRZM
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