Market Update

RNS Number : 0853C

Mavinwood PLC

06 November 2009

 



Mavinwood Plc

("Mavinwood" or the "Company")

Market update

Mavinwood announces the following market update in relation to current trading and the potential disposal of Peter Cox.  

Current Trading

The document storage businesses, Wansdyke and Restore, continue to perform broadly in line with management expectations. However, the Document Control Services division, which is project driven and therefore has a less consistent earnings pattern, has continued to experience difficult trading conditions with like-for-like sales down approximately 40% in the first 9 months of the year to 30 September 2009. 

Emergency Repairs

On 16 September 2009 the Company announced that it was in discussions relating to the potential disposal of Peter Cox Limited, the remaining business in the Emergency Repair Division. These discussions have now been terminated.  Management can now focus on bringing the business back to profitability. 

Following the completion of the sale of ANSA holdings Limited, Independent Inspections Limited and Home and Comforts Limited ("ANSA") on 29 June 2009, negotiations as to the closing net debt and working capital position of ANSA are still ongoing. 

Enquiries

Mavinwood plc 

Charles Skinner, Chief Executive                                                                             07966 234075 

Collins Stewart 

Adrian Hadden                                                                                                           020 7523 8350 

Threadneedle Communications 

John Coles                                                                                                                  020 7653 9848

 

END

 

 

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