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Armour Trust PLC (AMR)

  Print      Mail a friend       Annual reports

Wednesday 12 July, 2000

Armour Trust PLC

Proposed Disposal

Armour Trust PLC
12 July 2000

              Armour Trust plc (the 'Company')
  Proposed Sale of Polco Products Limited (the 'Disposal')

Armour   Trust  plc  is  pleased  to  announce  that  Armour
Automotive Group Limited, a wholly owned subsidiary  of  the
Company,  has  entered  into  a conditional  agreement  with
Custom Accessories Europe Limited to dispose of the whole of
the   issued   share  capital  of  Polco  Products   Limited
('Polco'). The gross consideration is £1.5 million,  payable
in  cash on completion. The proceeds from the Disposal  will
be  aggregated  with the Group cash balances and  placed  on
deposit   pending  appropriate  acquisition  and  investment

The  Disposal is conditional upon shareholder approval which
is  being  sort at an extraordinary general meeting  of  the
Company, to be held at the offices of Beeson Gregory  on  28
July 2000 at 11.00 am.

Polco   imports,  assembles  and  distributes  a  range   of
automated  accessories  and gift  products.    The  products
include   car   airfreshners,  maintenance   and   emergency
accessories  and  fixing  and  fastenings.   Its   principal
customers  are  Halfords, HomeBase, Littlewoods,  Woolworths
and  B&Q.   In the twelve months ended 31 April 2000,  Polco
contributed  a  profit  before tax of  £0.25  million  on  a
turnover of £7.9 million.  As at 30 April 2000 Polco had net
liabilities of £0.19 million and employed 51 people.

The  Disposal  represents  the final  stage  of  the  recent
reorganisation  of  Armour Trust plc that has  significantly
strengthened  the  Company's balance  sheet.   Shareholders'
funds have increased from £3.2 million at 30 April 1999 to a
pro-forma £8.8 million at 30 April 2000, which includes  the
effects of the Disposal.  Net cash at 30 April 2000 on a pro-
forma  basis of £5.4 million compares to a net debt position
at  30  April  1999  of  £3.5 million.   The  Group  is  now
financially stronger than it has been for some years and  is
well  positioned  to develop a strategy  of  growth  in  the
technology sectors.

Roger Pinnington, Armour Trust's Chairman, commented:

'This Disposal completes the recent repositioning of Armour.
Over  the  past  12  months the group has  strengthened  its
financial  position and strategically moved the emphasis  of
the  Group activities into the technology markets where,  in
the  Board's  opinion,  the  opportunities  for  growth  and
improving  shareholder value are more promising.  The  Group
is   now  compact,  focused  and  financially  strong   with
operating activities generating quality returns in a  growth
sector.  The future prospects for Armour are encouraging.'

12 July, 2000


George Dexter, Chief Executive   - Armour Trust plc
01892 502 700
John Harris, Finance Director              '
01892 502 700

Henry Turcan, Beeson Gregory      020 7488 4040

Briefing notes to accompany press announcement

Armour Trust plc
Armour  Trust is a fully quoted company on the London  Stock
Exchange.  Armour has undertaken a programme of change  over
the  past  18  months with the objective of eliminating  its
bank debt; strengthening its balance sheet and repositioning
the Group into higher growth technology based markets.  This
change programme has been successful with all its objectives

Over  the past 2 years Armour has exited from those  markets
where  returns  are diminishing and growth is  limited  (the
gift  market  and  the commodity sectors of  the  automotive
aftermarket  -  accessories and chemicals).   In  July  1999
Armour  invested  in a technology based business,  Autoleads
Limited into which it merged its existing audio interests of
Radiomobile   and  Kicker  to  form  the  Audio  Electronics
Division.   This  Division is a strong and  robust  business
that offers strong growth and a quality earnings stream.

The  Audio  Electronics Division designs,  manufactures  and
markets  a  range  of intelligent leads  and  harnesses  for
cellular  and  audio applications in the  automotive  market
together  with  importing and selling  car  audio  equipment
under  the  Kicker and Radiomobile brands.  The business  is
based  in Bordon in Hampshire, employs 80 people and  has  a
customer   base  which  includes  Sony,  Halfords,  Pioneer,
Motorworld, Phillips, amongst others.

Description of Polco

Polco   imports,  assembles  and  distributes  a  range   of
automotive accessories and gift products.  Products  include
car airfresheners, maintenance and emergency accessories and
fixings   and  fastenings.   Its  principal  customers   are
Halfords, Homebase, Littlewoods, Woolworths and B&Q.  In the
twelve  months  ended  30 April 2000,  Polco  contributed  a
profit  before  tax of £0.25 million on a turnover  of  £7.9
million.   As at 30 April 2000 Polco had net liabilities  of
£0.19 million and employed 51 people.

Custom Accessories Europe Limited

Custom  Accessories Europe Ltd ('CAE') is part of the Custom
Accessories Group of companies which has operations  in  the
United  States,  Europe  and the Far  East  and  a  combined
turnover  in  excess of £50m. CAE designs and  manufacturers
automotive   and   gift  products  which   are   distributed
throughout  the  UK  and mainland Europe.  The  company  has
significant  licensing  arrangements including  brands  from
Disney, Twentieth Century Fox, Aardman Animations, BBC,  JCB
and  several  F1 teams. CAE products can be  found  in  many
major retailers throughout the UK and Europe.