12th April 2007
Preliminary Results for the Year Ended 31 December 2006
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Highlights
- A year of significant restructuring and positive transformation for AutoLogic.
- Revenue from continuing operations increased by 4.4% to £254.7 million (2005: £243.9 million).
- Operating profit for continuing operations (before exceptional items and excluding other operating income) increased by 4.1% to £10.2 million (2005: £9.8 million). On a statutory basis, continuing operating profit decreased by 10.3% to £9.6 million (2005: £10.7 million).
- Profit before tax (before exceptional items and excluding other operating income) decreased by 8.7% to £6.3 million (2005: £6.9 million). On a statutory basis, profit before tax decreased by 51.3% to £3.8 million (2005: £7.8 million).
- Diluted business performance earnings per share increased by 55.9% to 10.6p from 6.8p. On a statutory basis, continuing earnings per share decreased by 29.3% to 5.8p (2005: 8.2p).
- Sale of Walon France completed.
- Granted GAL option, ultimately not exercised, generating net proceeds of £6.5 million in the year.
- Sale of Spanish freehold property for £8.7 million (final payment of £4.8 million received in January 2007) generating net profit of £2.1 million.
- Outstanding mezzanine debt reduced from £25.0 million to £12.6 million (including accrued interest) at year end.
- Placing of 16,933,333 new ordinary shares in February 2007 generating net proceeds of £12.1 million.
- Mezzanine finance facility repaid and cancelled following the Placing.
Neil Johnson, Chairman, commented:
“With the difficulties of the recent past behind us, we are fully focussed on further improving the profitability of our core businesses and also believe that there are a number of medium-term opportunities open to us. Initiatives implemented over the past year are now delivering results and we are confident that with a restructured business and a strengthened balance sheet, we can build on these achievements .”
For further information please contact:
| John Merry Chief Executive AutoLogic Holdings plc |
Tel: 01934 523299 |
| Russell Brown Group Finance Director AutoLogic Holdings plc |
Tel: 01934 523299 |
| Media: Mark Way or Graham Moonie Madano Partnership |
Tel: 0207 593 4000 |
| Investors: Neville Harris IR Focus |
Tel: 0207 593 4016 |
Click here to download the Report & Accounts in PDF format (1.37Mb)