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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Vanco | LSE:VAN | London | Ordinary Share | GB0030998677 | 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% | 2.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1119N Vanco PLC 01 February 2008 Immediate release 1 February 2008 Vanco plc Trading Statement Vanco plc ("Vanco"), the global Virtual Network Operator ("VNO"), today issues an update on the total contract value ("TCV") of orders won, period end net debt and average net debt for the financial year ending 31 January 2008. A full pre-close trading update will be issued in the week commencing 18 February 2008. In the second half of the year to 31 January 2008 Vanco won new contracts with a TCV of approximately £85m compared to £81m for the same period last year. This brings the TCV order intake for the financial year to approximately £205m compared to the £131m won last year and represents an increase of 56% year on year. As detailed in our Interim Statement of 25 September 2007, as we bid for new business greater focus is now being placed on the overall contract profitability and the underlying cash generation of the total contract, rather than period end net debt considerations. While the order outcome for the year represents significant progress, it has been achieved after delays to the signing of several deals where the company believes it will be able to negotiate more favourable terms early in the new financial year. Furthermore, of the three deals that were delayed in the first half of the year, two contracts have been subsequently completed at a lower initial cash amount but at a materially higher gross margin. The company decided to withdraw from the bidding process for the third deal for what it considers to be sound commercial reasons. This approach is in line with Vanco's commitment to achieve optimal gross margin and cash flow generation over the total contract. The result is that the period end net debt at 31 January 2008 is expected to be approximately £63m (subject to audit) and therefore in excess of the consensus market expectation. Additionally, while trading performance is typically weighted towards the second half of the year, and especially the fourth quarter, the seasonality has been more marked this year. With more customers signing contracts, and paying initial fees, closer to the year end; average net debt in the second half is now higher than expected and is anticipated to be in the region of £79m. Vanco remains in compliance with its banking covenants. The management remains confident that there has been no diversion from the overall improvement in the underlying cash flow metrics of the business. Vanco's adherence to stricter commercial criteria should result in a more profitable and cash generative business and the pipeline of new deals remains strong. For further information please contact: Vanco plc Peter Johnston, Group Finance Director T. +44 (0) 20 8636 8812 Morten Singleton, Director of Corporate Communications T. +44 (0) 20 8636 6529 Morten.singleton@vanco.co.uk Katie Tzouliadis, Biddicks T. +44 (0) 20 7448 1000 This information is provided by RNS The company news service from the London Stock Exchange END TSTBXGDDLGGGGIB
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