31st Mar 2008 07:01
Shanks Group PLC31 March 2008 Trading Statement 31 March 2008 Shanks Group plc, a leading European waste management company, today issues thefollowing pre close trading statement. Trading in the quarter to 31 March 2008 in the majority of our Mainland Europeanactivities has been strong, although as predicted at previous resultsannouncements, the contribution from our Belgian landfill has declined in theyear ended 31 March 2008. This has been particularly marked in the last quarterfollowing an increase in the legislative restrictions on the landfilling ofmunicipal waste in the Walloon Region from January 2008. The continuedstrengthening of the Euro has also boosted our Euro denominated results whenconverted into Sterling. In the UK overall trading is in line with ourexpectations. For the Group overall therefore, the performance in the quarterto 31 March 2008 was robust giving us confidence that the full year result forthe year to 31 March 2008 will be in line with our expectations. In order to come into line with general practice amongst listed companies wehave redefined our Headline Profit to exclude amortisation of intangible assetsarising on acquisition. Prior to year ended 31 March 2007 the impact of this isimmaterial. Below is a table restating the affected figures for the 2007 fullyear and the 2008 Interim Results. The Group's preliminary results announcement for the year ended 31 March 2008will be published on Thursday 29 May 2008. For further information contact: Tom Drury, Group Chief ExecutiveFraser Welham, Group Finance DirectorShanks Group plcTelephone +44 (0) 1628 554920 Ginny Pulbrook, Executive DirectorCitigate Dewe RogersonTelephone +44 (0) 207 282 2945 2007 2008 Full Year First Half £m £m Trading Profit as previously reported:Netherlands 31.0 17.1Belgium 17.3 8.9United Kingdom 3.2 2.5Central Services (5.3) (2.6) ___________________________Group 46.2 25.9 ___________________________ Amortisation of acquisition intangibles:Netherlands 1.0 1.0Belgium 0.0 0.0United Kingdom 0.1 0.1Central Services 0.0 0.0 ___________________________Group 1.1 1.1 ___________________________Trading Profit (1) restated:Netherlands 32.0 18.1Belgium 17.3 8.9United Kingdom 3.3 2.6Central Services (5.3) (2.6) ___________________________Group 47.3 27.0 ___________________________ Group Headline Profit as previously reported 39.2 20.8Amortisation of acquisition intangibles 1.1 1.1 ___________________________Group Headline Profit (2) restated 40.3 21.9 ___________________________ Adjusted PAT as previously reported 26.5 14.0Amortisation of acquisition intangibles after tax 0.9 0.9 ___________________________Adjusted PAT (3) restated 27.4 14.9 ___________________________ Adjusted basic earnings per share as previously reported 11.3p 6.0pAdjusted basic earnings per share (4) restated 11.7p 6.3p 1. Operating profit from continuing operations before exceptional items and amortisation of acquisition intangible assets. 2. Profit before tax from continuing operations before exceptional items and amortisation of acquisition intangible assets. Finance charges resulting from the change in fair value of interest rate swaps are treated as exceptional. 3. Profit after tax excluding exceptional items, amortisation of acquisition intangible assets and the tax associated with both of these items. 4. Earnings per share excluding exceptional items, amortisation of acquisition intangible assets and the tax associated with both of these items This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Renewi Plc