1st Oct 2009 07:00
Shanks Group plc, a leading European sustainable waste management business, provides the following update on trading as it enters its close period for the six months ending 30 September 2009.
Overall trading for the Group during the period has been in line with our expectations against a backdrop of economic conditions which remain challenging. The previously announced cost reduction programmes are proceeding to plan and trading trends are largely unchanged from those outlined in the interim management statement of 23 July 2009.
Net debt has benefited from the Avondale JV disposal and the rights issue proceeds, and the average underlying cost of debt has remained broadly stable. Cash generation and financial strength remain priorities for the Group.
Tom Drury, Group Chief Executive of Shanks Group plc said:
"Trading conditions have continued to be challenging, but we have a focused strategy around our three key principal growth areas of recycling, organic processing and UK PFI. We are delivering on our key plans and the Board remains confident in the Group's future prospects".
The Group's half year results for the period ended 30 September 2009 are expected to be announced on 5 November 2009.
For further information please contact:
Shanks Group plc
Tom Drury, Group Chief Executive
Chris Surch, Group Finance Director
Telephone +44 (0)1908 650582
Tulchan Communications
David Allchurch/Stephen MalthouseTelephone +44 (0)207 353 4200
Related Shares:
Renewi Plc