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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Venteco | LSE:VTO | London | Ordinary Share | GB00B1XN5T66 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4049J Venteco PLC 07 December 2007 7 December 2007 Venteco plc ("Venteco" or "the Group") Trading Update Venteco, the UK-based non-toxic pest control provider, announces that during the second half of 2007 an unexpected slowdown in its core operations has been experienced, as highlighted below. The Group now anticipates reporting a loss at the EBITDA (earnings before interest, tax, depreciation and amortisation) level for full year 2007, compared with the small profit previously expected. Management reiterates, however, its continued confidence in the Group's overall business plan and long-term goals. Rationalisation of Operations The Board has agreed to implement a cost cutting programme within its operational businesses. The programme is designed to preserve cash resources whilst allowing it to optimise both market and cross-selling opportunities. In lowering the Group's break-even level, the results of this initiative should be evident during the first half of 2008. Further details will be provided with the Group's full year 2007 results. Cryonite Although levels of interest in Venteco's unique Cryonite technology remain very high, to date efforts by CTS Technologies to secure those major contracts necessary to achieve its targeted sales volumes have been slower than anticipated. Management continues to seek strategic partnership and global distribution agreements in support of these ambitions. A number of units have been deployed with a leader in the UK pest control market. Whilst it is unlikely that any arrangements will be reached in time to correct the shortfall now anticipated for full year 2007, the management remains optimistic that recent discussions and product trials will result in further arrangements being put in place. Silvandersson Having experienced strong organic growth during the first six months of 2007, Silvandersson's seasonal order intake has since been impacted by the relatively cool and wet summer months experienced in its principal markets. As a result, sales for September and October were weaker than expected. Valiguard Valiguard has continued to make progress in developing its core activities and performance for the full year is expected to end in line with the Group's original expectations. Stefan Hansson, Chief Executive of Venteco, stated: "It is frustrating that much of the organic growth the Group had expected this year has been delayed. However we are very encouraged by the favourable feedback Cryonite is gaining from tier one customers in trials and we remain confident that the group is well placed to deliver long term value to shareholders." Enquiries: Venteco plc Stefan Hansson, Barry Gibb +44 (0) 207 977 0020 Libertas Capital Aamir Quraishi, Charlie Wilson +44 (0) 207 569 9650 Corfin Communications Ben Hunt, Clare Perks +44 (0) 207 977 0020 This information is provided by RNS The company news service from the London Stock Exchange END TSTBQLLBDLBBFBL
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