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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tdg | LSE:TDG | London | Ordinary Share | GB0002570330 | 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% | 249.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
11 December 2003 TDG plc PRE-CLOSE TRADING STATEMENT TDG is today providing a trading update ahead of the commencement of the close period preceding the Group's preliminary results announcement on 25 February 2004. Operating profits from Contract Logistics activities in the UK & Ireland and Chemicals, and in UK Cold Storage, are in line with our expectations, as the impact of the challenging trading conditions has been offset, primarily through cost reductions. In the Netherlands operating profit will be lower than our expectations due to lower than expected customer volumes. Overall, we expect headline profit (before exceptional operating costs and exceptional items) for 2003 to be broadly in line with 2002. We have taken action to reduce the cost base in the Netherlands by consolidating one of the smaller sites into the Nijmegen facility and by reducing headcount across the business. The cost of these actions, which will be charged in 2003 as an exceptional operating cost, is estimated to be £3.5m, and the project has an estimated payback of 18 months. In cash terms, the cost will be more than covered by the estimated £5m proceeds which we expect to receive during 2004 from the disposal of property in the Netherlands that is now surplus to our operational requirements. The Netherlands remains an attractive market where we expect to be able to generate good returns from the strong platform we have established, when economic conditions improve. Good progress has been made in the execution of the Group's plan to withdraw from direct operations in France and to realise proceeds from asset disposals. The expected exceptional charge and cash flows remain in line with the estimates made at the interim announcement on 30 July 2003. Across the industry, lead times for the conversion of pipeline opportunities into new business wins remain stretched. Despite this, our new business wins for the full year are expected to be broadly in line with last year. Enquiries: TDG Financial Dynamics David Garman, Chief Executive Ben Foster Paul Mainwaring, Finance Director Andrew Dowler Tel: 020 7222 7411 Tel: 020 7831 3113 2 END
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