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AssetCo bounces into the black

By BFN News | 08:46 AM | Thursday 20 December, 2012

AssetCo bounced into the black with profits of £85.4m for the year to the end of September compared with a loss of £22.2m for the 18 months to September 2011. The result comprises a profit of £2.9m on revenue of £15.9m from the continuing operations primarily in the Middle East; an income tax credit of £1.1m; and a profit of £81.4m on the UK discontinued operations, this being the benefit from the exit from the liabilities of the UK businesses. Chairman Tudor Davies says trading in the Middle East continues to be satisfactory and in line with management expectations. Davies adds: "We are working closely with our partners both on new opportunities within the region and on the extension to the existing contract which is due for renewal at the end of April 2013. We look forward to keeping shareholders updated as appropriate during the year." At 8:46am: (LON:ASTO) share price was +11.5p at 342.5p Story provided by

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