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Trading Statement

13th May 2015 12:10

CANDOVER INVESTMENTS PLC - Trading Statement

CANDOVER INVESTMENTS PLC - Trading Statement

PR Newswire

London, May 13

13 May 2015 Candover* Investments plc - Trading update Candover Investments plc (`Candover' or the `Company') today issued thefollowing trading update at its Annual General Meeting. The statement, as isusual, is unaudited, and relates to the period from 1 January 2015 to the dateof this announcement. Portfolio valuation and net debt Candover's investment portfolio was last valued as of 31 December 2014, with anet asset value per share of 545p. The next valuation of the Company's assetswill be conducted as of 30 June 2015. Consistent with its valuation policy theCompany will continue to apply earnings based valuations to portfoliobusinesses and will appropriately value the carried interest of the Company inthe Candover Funds. Over the course of the first quarter of 2015, the net effect of currencymovements on the value of the portfolio has been to reduce its value byapproximately £3.9 million, following appreciation of Sterling relative to theEuro and weakening against the US dollar. Net debt at 31 March 2015 was £32.2 million, with the movement principallyreflecting the adverse impact on net debt of the weakness of Sterling relativeto the US dollar which increased net debt by £3.3 million over the firstquarter. There were no realisations during the period. Portfolio update and trading The portfolio comprises five investments, Expro International (`Expro'),Parques Reunidos, Stork BV (Stork and Fokker Technologies), Technogym andHilding Anders. On a rolling Last Twelve Months, or `LTM', basis for the twelve months to 31March 2015, the portfolio comprising Stork BV, Parques Reunidos, Technogym andHilding Anders but excluding Expro performed strongly with combined revenuegrowth of 5.6% and earnings of 14.0% compared to the twelve months to 31 March2014. This represents an increase of 1.9% and 5.0% respectively, compared tothe LTM revenue and LTM EBITDA at 31 December 2014. This improved trading hasled to deleveraging across these investments from 6.1x net debt/EBITDA at 31March 2014, to 5.5x at 31 March 2015. As indicated earlier this year at the preliminary results, the oilfieldservices industry has been impacted by the significant drop in the oil pricecreating an element of uncertainty. Arle have advised that Expro is expected toissue full year results for the twelve months ended 31 March 2015 in the comingweeks. Stork, the oil & gas asset integrity services provider, subsidiary of Stork BV,will be publishing Q1 trading results on 26 May 2015. *Candover means Candover Investments plc and/or one or more of its subsidiaries Ends. For further information, please contact: Candover Investments plc

Malcolm Fallen, CEO +44 20 7489 9848


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