Pre-close trading update

RNS Number : 9970B

Spice PLC

05 November 2009

 



5 November 2009 

Spice plc

Pre-close trading update

The Board of Spice plc ("Spice" or "the Group"), the provider of Total Utility Support Services, is pleased to announce that its overall trading for the period to 31 October 2009 was in line with the Board's expectations.

Conditions within the Group's utility markets continue to be positive as advised in September 2009 at the time of the announcement of the Group's Interim Management Statement. EBITA cash conversion for the first half of the year has again been strong. The Board, as previously reported, expects a greater weighting of profits in the second half of the year.  

The performance of our Supply business has been notably strong. Spice's utility activities, particularly electricity and water within its Distribution business, have performed well and are well placed to be a beneficiary of the regulatory spend programmes, currently being finalised, under the Distribution Price Review and Asset Management Programme. The wider economic environment has been quite challenging for Gas and Facilities when compared to the strong performance in the comparative prior year period. Management changes and a restructuring of these businesses is expected to lead to improved performance in the second half. The integration of Com Group continues to progress to plan.

The Board's strategy is to increase the Group's long term exposure to markets which have strong underlying regulatory and environmental drivers. The Board remains confident of Spice's future prospects.

Spice's interim results for the period ended 31 October 2009 are expected to be announced in December 2009. Further details will be announced nearer the time.

A telephone conference call for analysts has been scheduled for 8.30am today on 5 November 2009, the details of which can be obtained from Financial Dynamics.

Ends

Enquiries:

Spice plc                                                                                                              Tel: [phone]

Simon Rigby, Chief Executive Officer

Oliver Lightowlers, Group Finance Director

Financial Dynamics                                                                                            Tel: [phone]

Billy Clegg

Caroline Stewart  

KBC Peel Hunt (Broker)                                                                                   Tel: [phone]

Julian Blunt (Corporate finance)

Matthew Tyler (Corporate broking)  

NOTES TO EDITORS

Spice plc

Spice is a total utility infrastructure support services business. The Group's operations were founded in 1996 and have their origins in the electricity industry, although the range of activities has since been expanded into other niche areas. The Group is organised into two divisions to match its utility customer base; a Supply Division; and a Distribution Division. Spice's businesses have a common theme of delivering and co-ordinating infrastructure services to customers, and the technological element within the product mix has been built up significantly over the course of the last three years.

 

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