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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:2182R Vanco PLC 01 April 2008 Vanco plc ("Vanco" or "the Company") Trading Update Vanco, the global Virtual Network Operator, is pleased to provide a further update on trading. Following a review of the working capital requirement of the business, typically carried out each year at this time, the Company has extended its existing Revolving Credit Facility by £23m to £123m until 2012 on the same covenants. This provides good working headroom to meet temporary fluctuations as required and facilitates the early implementation of the cost reduction programme updated below. The additional facility is at a margin and fees consistent with the market. On 22 February, Vanco announced a cost reduction and efficiency programme that improves the cash generation outlook for the business. Savings of £6 million in the current financial year to 31 January 2009 were identified at that point which, when fully implemented, should result in annualised savings of £8 million. Vanco is pleased to announce that additional savings of £2 million have been identified, increasing annualised savings to £10 million. The programme is expected to be completed largely by 31 July 2008 with most of the financial benefit falling in the second half of the year. The cost reduction is largely being achieved through general overhead control and head count reduction which has been made possible by the significant investment in software and systems the Company has made in the last few years, and by moving certain jobs to its low cost centres in South Africa and Eastern Europe. To date, 105 jobs have been moved from high cost countries, and that will be increased to 150 jobs by 31 July 2008. This cost reduction programme will not impact on the growth outlook for the business, will enable us to maintain and improve service delivery to customers and, for the first time, will result in the year-on-year operating costs of the business being lower. The company is pleased to confirm that current trading continues to be good and the pipeline of opportunities is strong, with Vanco selected as preferred bidder for over 20 per cent more new business opportunities as at 31 March 2008 than at the same time last year (these are all subject to contract). For further information please contact: Vanco plc Allen Timpany, Chief Executive Officer T +44 (0) 208 636 8810 Peter Johnston, Group Finance Director T +44 (0) 208 636 8812 Morten Singleton, Director of Corporate Communications T + 44 (0) 208 636 6529 Katie Tzouliadis, Biddicks T + 44 (0) 207 448 1000 This information is provided by RNS The company news service from the London Stock Exchange END TSTBLGDXRXXGGIB
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