27th Sep 2005 15:55
VTR PLC27 September 2005 VTR plc Trading Update The Board of VTR plc indicated in July that shareholders would be updated onresults for the end of the financial year to 31 August 2005 and advised of stepstaken by the Board to return the group to profitability. The downturn in trading conditions that were first evident in the spring of 2005continued throughout the remainder of the period. Consequently, the directorsconfirm that the group will post a loss for the year at around the £800,000level. Notwithstanding this outcome, the group was cashflow positive in the secondhalf, as actions to reduce costs took effect. These initiatives included anumber of redundancies and staff reductions, alongside a comprehensivereorganisation of the management team and redirection of the subsidiaries. Theseactions are aimed at returning the group to profit in the current financialyear, based on a realistic estimate of anticipated trading conditions in themedia industry. The Board will provide a further update with the Preliminary Announcement of theresults for the year ended 31 August 2005, which are expected to be released inearly November. 27 September 2005 Enquires: Paul TraceyManaging Director Peter Samengo-TurnerGroup Finance Director VTR plc020 7437 0026 Philip DaviesCharles Stanley & Co. Limited020 7739 8200 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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