18th Jul 2007 07:01
Atkins (WS) PLC18 July 2007 Embargo 0700 hrs Wednesday 18 July 2007 Metronet issues request for PPP Administration WS Atkins plc ("Atkins" and "the Group") notes that today the Boards of MetronetRail BCV Limited and Metronet Rail SSL Limited have announced that they haveasked the Mayor of London to ask the court to appoint a PPP Administrator forboth companies. This news, while not unexpected, is clearly disappointing. Atkins priority is toensure an orderly and effective transition, working with the PPP Administratorto protect the safe and smooth operation of the Underground. This announcement will have no balance sheet impact on Atkins as the Group hadalready written down the carrying value of its investment in Metronet Rail BCVLimited and Metronet Rail SSL Limited to £Nil and included an exceptional lossof £30 million in relation to its supply chain contracts in its results for theyear ended 31 March 2007. These contracts remain in place, pending futuredevelopments. Atkins remains committed to the creation of a world-classunderground system for London. It will continue to provide services to LondonUnderground as required and requested under the new ownership structure whichsucceeds Metronet. In Atkins' preliminary results statement on 26 June 2007, the directors statedthat the demand for Atkins' services in its core markets is strong and thatAtkins is confident that the Group will continue to achieve further progress inthe year ahead. ENDS Enquiries: Smithfield:John Antcliffe +44 (0)207 903 0665Lucinda Kemeny +44 (0)207 903 0658 Atkins:Sara Lipscombe, Group Communications Director +44 (0)1372 726140 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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