Universal Salvage PLC
26 March 2004
The 'Trading Statement' announcement released on 26 March 2004 at 15:21 has been
The following text has changed: 'approximately' has been replaced by 'no more
UNIVERSAL SALVAGE PLC
In January, the Board stated that trading conditions had deteriorated sharply in
December, with salvage auction prices and volumes both weaker than anticipated.
The trading position since then has worsened. Against this background, and with
the third and fourth quarters traditionally representing the Group's busiest
months, the Board has reviewed the likely outcome for the year and anticipates
that trading for the year to 1 May 2004 will result in a loss before tax and
exceptional items of no more than £4.75 million.
Following his appointment as Chief Executive on 1 March 2004, Nigel Sandy has
initiated a full commercial, strategic and financial review of the business. As
an initial step, the cost base of the business will be realigned and the Board
expects to make a number of exceptional adjustments as a result.
The Board remains positive as to the business potential over the medium term and
is confident that the action now being taken will ensure that the Group is in a
stronger position to move forward.
Universal Salvage plc Tel: 01234 762244
Nigel Sandy, Chief Executive
Biddicks Tel: 020 7448 1000
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