14th Dec 2007 07:00
Davis Service Group PLC14 December 2007 FOR IMMEDIATE RELEASE 14 December 2007 THE DAVIS SERVICE GROUP PLC Pre Close Trading Statement Prior to The Davis Service Group Plc ("The Group") entering its full year closeperiod, it releases the following trading update. The business has progressed as expected, following a good first three quartersand a continuation of the positive developments in our principal markets whichwere outlined in our trading update of 24 October 2007. We have experiencedgood momentum in revenue and trading performance, and higher interest chargesassociated with the acquisitions we made in the first half. As anticipated, weexpect full year revenue growth to exceed 15%, benefiting further in the secondhalf from a combination of organic growth and acquisitions. Over 55% of revenues and a greater proportion of our trading performance areexpected to be generated in Continental Europe. In its 2007 full year resultsthe Group will report for the first time under the new divisional managementstructure announced earlier this year, namely Nordic, Continent and UK & Irelandregions. We remain confident of our prospects for the year ending 31 December 2007 andalso in the longer term opportunities for the Group, which remains in a strongfinancial position. The Group expects to release its full year results statement on 29 February2008. Roger Dye, Chief Executive, said: "We will exit 2007 with momentum overall in our business and a good contractualbase. We are pleased with the progress we have made this year and look forwardto a further year of growth in 2008." For further information contact: Davis Service Group Financial DynamicsRoger Dye, Chief Executive Richard MountainKevin Quinn, Finance Director Telephone 020 7269 7121Telephone 020 7259 6663 Notes: 1. Davis Service Group is a focused European textile maintenancebusiness with leading positions in most of the countries in which it operates.As a focused business we are able to mobilise our resources to drive ourstrategies in our core area of expertise. 2. Sourced from management accounts; operating profit beforeexceptional items and amortisation of customer contracts and intellectualproperty rights. 3. Statements made in this announcement that look forward in time orthat express management's beliefs, expectations or estimates regarding futureoccurrences are "forward-looking statements" within the meaning of the UnitedStates federal securities laws. These forward-looking statements reflect theGroup's current expectations concerning future events and actual results maydiffer materially from current expectations or historical results. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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