Uvenco UK plc Trading Update (7223W)
13 February 2017 - 8:30PM
UK Regulatory
TIDMUVEN
RNS Number : 7223W
Uvenco UK plc
13 February 2017
13 February 2017
Uvenco UK plc (the "Company" or the "Group")
Trading Update
The Company is pleased to provide a trading update, based on the
Group's unaudited management accounts for the nine month period
ended 31 December 2016, following the change in year end from 31
March to 31 December. All of the figures included in this
announcement are subject to audit.
-- Consolidated revenues for the nine months to 31 December 2016
of GBP10.3 million reflecting the seasonality profile of the
period, which excludes January to March, typically higher revenue
months;
-- Following the turnaround progress reported in our interim
results last November, the Company expects to be positive at an
operating profit before depreciation and amortization, exceptional
items and interest ("EBITDA") level for the period. EBITDA is
expected to be in line with management expectations. Similarly Net
income and earnings per share are positive and in line with
management expectations;
-- Secured borrowings decreased by 52% from GBP2.5 million at 31
March 2016 to GBP1.2 million at 31 December 2016, reflecting the
continuing deleveraging of the balance sheet and, in particular,
the impact of the refinancing in August 2016. Following the period
end, the Company announced a GBP410,000 loan agreement with Uvenco
Group in Russia.
At the end of January the Company completed the sale of the
premises at Corby. This realised GBP328,000 of which GBP240,000 has
been used to reduce the borrowings, resulting in secured borrowings
of GBP1.0 million and net debt of GBP1.2 million at 31 January
2017. Management has also engaged agents to market the Drinkmaster
property at Liskeard on a sale and leaseback basis. The property
will be marketed at c. GBP625,000 and the proceeds will be used to
further reduce Group debt.
Management is exploring refinancing alternatives to reduce the
interest cost and will update the market in due course.
For further information:
Uvenco UK plc 0208 879 8300
Sergei Kornienko, Chief Executive Officer
Peter Goodman, CFO and Company Secretary
Stockdale Securities Limited 0207 601 6100
Tom Griffiths
Richard Johnson
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTZMGMZLFMGNZG
(END) Dow Jones Newswires
February 13, 2017 04:30 ET (09:30 GMT)
Uvenco Uk (LSE:UVEN)
Historical Stock Chart
From Apr 2024 to May 2024
Uvenco Uk (LSE:UVEN)
Historical Stock Chart
From May 2023 to May 2024