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AssetCo operating profits fall

By BFN News | 08:04 AM | Thursday 27 June, 2013

AssetCo posts operating profits of £0.3m for the six months to the end of March - down from £1.0m last time - on revenue of £8.6m (2012: £18.2m). The group made an after-tax profit of £0.04m (2012: £5.2m). AssetCo said the reduction in revenue reflected the disposal of its UK vehicle leasing and maintenance businesses announced in August. The group's operations are focused on providing management and resources to the fire and emergency services in the Middle East. It said operating Profit during the first six months had been affected by one-off costs of approximately £0.6m relating to the completion of the construction portion of the company's principal contract in the Middle East. The group says it remains in a comfortable cash positive position with free cash of £4.1m, and cash in support of bonds of £4.4m and letters of credit of £0.5m. At 8:04am: (LON:ASTO) share price was -12.5p at 340p Story provided by

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