30th Mar 2005 07:00
Shanks Group PLC30 March 2005 30 March 2005 Company Announcement Shanks Group plc Pre-Close Period Trading Statement Shanks Group plc, a leading European waste management company today issues thefollowing pre-close statement. The Group's preliminary announcement of theresults for the year to 31 March 2005 will be made on Thursday 2 June 2005 at7.00am. The Group is pleased to announce that trading for the year ending 31 March 2005will be in line with expectations. Following the recent restructuring of the UK business its performance continuesto improve although hazardous waste operations remain challenging. As previouslyhighlighted numerous regulatory and fiscal changes are reshaping the UK marketparticularly for long term municipal contracts. Best and Final Offers haverecently been submitted for the 25 year PFI contracts at Central Berkshire andGloucestershire. The outcomes of these bids are scheduled for early 2005/6. Overall, the European operations continue to perform robustly although economicconditions remain flat. The Group has been reviewing with its actuaries the effect of the UK landfilldisposal on the Group's defined benefit pension scheme (Scheme). It has beendecided to make a £10m cash payment into the Scheme, being the actuaries' bestestimate of that portion of the Scheme deficit which relates to the disposed UKlandfill businesses. This cash payment will increase bank debt but will notaffect current year profits as the existing pension charge already recognisesthe overall Scheme deficit. As a result the Group's continuing businesses shouldnot now be encumbered by liabilities relating to the disposed businesses. Ends For further information contact: Michael Averill, Group Chief ExecutiveDavid Downes, Group Finance DirectorShanks Group plc, telephone +44 (0) 1628 524523www.shanks.co.uk Ginny Pulbrook, Executive DirectorFiona Bradshaw, Associate DirectorCDR, telephone +44 (0) 207 282 2945 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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