Universal Salvage PLC
07 February 2003
UNIVERSAL SALVAGE PLC
('Universal Salvage' or 'the Company')
SHARE PRICE MOVEMENT
The Directors of Universal Salvage note the recent movement in the Company's
share price and speculative press comment. In order to clarify any uncertainty,
they wish to issue the following comment.
As stated previously, on 10 January 2003, trading in the first two months of the
second half, the Company's busiest period, has been better than expected. Since
then, the Company has secured contracts with four new motor insurers. These
contracts will come into effect over the next few months.
In addition, Universal Salvage is seeing good growth in its current business,
including undamaged, low-value 'part exchange' vehicles, which represent a new
area of business.
Very recently, a tender for the renewal of a contract with Zurich Financial
Services was unsuccessful since Universal Salvage was unwilling to accept terms
that did not offer an acceptable level of margin. The four new contract wins,
however, negotiated on commercially agreeable rates, together with the growth
within the existing business, will more than offset the lost volume.
Management expectations for the outcome for the current financial year and
beyond remain unchanged.
Universal Salvage plc Martin Hynes 01234 762283
Biddicks Katie Tzouliadis 020 7448 1000
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