Business
Trading Statement
Trading Statement.
About this update from Palace Capital Plc
[{"type":"text","content":"\n Leo Insurance Services PLC\n14 December 2007\n\nLeo Insurance Services plc ('Leo' or the 'Company')\n\n14 December 2007\n\nTrading Statement\n\nLeo Insurance Services plc announces that Grafton Insurance Services Ltd.\n('Grafton'), a brokerage specialised in property insurance, has been informed by\nBizspace that it is planning to transfer its insurance services. The Bizspace\ncontract is one of two long term contracts amongst Grafton's portfolio of\nclients. Bizspace, a subsidiary of Highcross plc, has made this decision after a\nbusiness reorganisation, leaving Bizspace purely as the property manager.\n\nAlthough Grafton has made a renewed offer to retain this contract Grafton\nbelieves that it is unlikely to do so and, if it does, that it will likely be on\nless favourable terms than the current contract. The Bizspace contract provided\napproximately 27% of revenues of Grafton in the 6 months period ending 31 July\n2007.\n\nAs shareholders should be aware, Grafton is Leo's only investment at present and\nis fully consolidated in the Company's accounts.\n\nThe potential loss of the Bizspace contract does not affect the long term\ncontract Leo has with Safeland Plc, the prospects for which remain strong,\nparticularly after the raising of new funds for further acquisitions announced\nin September.\n\nContacts:\n\nLeo Insurance Services plc\nPaul Davis\nTel: 020 8815 1600\n\n\nLandsbanki Securities (UK) Limited\nThilo Hoffmann\nTel: 020 7426 9000\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":1803,"tagName":"div"}]