Information  X 
Enter a valid email address

AssetCo operating profits up

By BFN News | 09:12 AM | Monday 30 June, 2014

AssetCo reports a considerable improvement in operating profit from £0.3m in the first half of 2013 to £1.1m in the six months to the end of March this year. Revenue in the period was lower at £7.0m compared to £8.6m in 2013 reflecting a combination of the absence of a loss making equipment supply contract included in the corresponding period last year, and lower costs in connection with its claim against the former auditors. Chairman Tudor Davies said: "As detailed in the 2013 annual report published on 28 March 2014 the company has agreed the final form and specification for the continuation of the ongoing contract for the supply of Fire Services in Abu Dhabi. "From our part, we have now completed and signed this contract and expect that the contract will be completed by the Abu Dhabi Government shortly and at that time, we will update shareholders accordingly. "Since the year end in September 2013, we have made progress in connection with the claim against the former auditors of the Group and a claim has been submitted in accordance with the Professional Negligence Pre-action Protocol, under which, the other side have an opportunity to respond. "The claim is being made by AssetCo Plc for an amount of £50.8 million in respect of negligent audits of the AssetCo Group for the years ended 31 March 2010 and 31 March 2011. "The company also received the gross amount of £2,420,900.00 on the exercise in December 2013 of 1,210,450 warrants. These warrants were issued at the time of the refinancing of the company under a warrant instrument dated 9 September 2011. "We continue to trade in line with management expectations." At 9:12am: (LON:ASTO) AssetCo PLC share price was 0p at 265p Story provided by

a d v e r t i s e m e n t