AssetCo plc, (AIM : ASTO) the integrated support services business, today provides a trading update for the year ending 31 March 2009.
Despite the difficult overall economic environment and the non-recurring losses incurred at UVM and TVAC outlined in the interim results, pre-tax profits, before discontinued operations and exceptional restructuring costs amounting to approximately £1.5million, are expected to be at the lower end of market expectations. As already announced, TVAC was placed into administration in December 2008, therefore it will be accounted for as a discontinued operation with the investment being written off in full.
AssetCo has maintained its order book at £600m. It continues to benefit from a high degree of visibility from its long term integrated service contracts which continue to grow. However, in the current economic environment, there is less visibility of revenues above AssetCo’s core base contracts than historically. The reduction in overhead costs and the investment made during the year in the vehicle and equipment businesses, particularly UVM, will enable them to benefit as and when economic conditions recover. In addition, the Group has also made significant investment for the future in the Middle East.
The Company’s Full Year Results are expected to be announced the week commencing
15 June 2009.
AssetCo Tel: +44 (0) 20 8515 3999
Frank Flynn, Chief Financial Officer
James Collins, Investor Relations
Pelham Public Relations Tel: +44 (0) 20 7337 1550
RBS Hoare Govett - NOMAD Tel: +44 (0) 20 7678 8000