Mavinwood Plc Trading Update
Loss of significant contract
Following the loss of a significant contract in their Emergency Repair division, Mavinwood plc announce that profits for the 12 months ending 31 December 2008 will now not meet market expectations.
Commenting on the announcement Kevin Mahoney, Chief Executive of Mavinwood said:
'At the beginning of 2008 we were confident that this contract would be retained and expanded. We therefore incurred increased investment in the Emergency Repair division. When we updated the market on the 5th June we continued to be confident that the contract would be retained. The decision not to renew was therefore disappointing.'
Mavinwood's Document Handling Division continues to perform well, exceeding market expectations.
Mavinwood will announce its Interim Results for the 6 months to 30 June 2008 on Tuesday 30 September 2008 at which time it will provide more detail of its trading outlook.
Enquiries
Mavinwood plc
Kevin Mahoney 020 7661 9650
Mike Vincent 020 7661 9651
Threadneedle Communications
John Coles 020 7653 9848
Collins Stewart Europe Limited
Adrian Hadden 020 7523 8353
This information is provided by RNS