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Autoclenz Holdings
- BY: Andrew Hore |
- POSTED: 09/10/2007 |
- COMMENTS: Add yours
A major customer of Autoclenz has changed its contractual arrangements with the car valeting services provider and this could knock up to £700,000 off next year’s profits.
The major car auction business was generating £4m of revenues each year but a new three-year contract cuts that to £1.5m a year. It will reduce this year’s profits by £300,000 – the forecast was £1.2m.
The 2008 forecast profit reduction of £700,000 is based on there being no new business coming through to make up for the shortfall on that one contract. Earlier this month a contract worth £500,000 a year was won and there are other opportunities for new business. The forecast shortfall should end up being less than the current estimate.
Autoclenz emphasises that it will continue to increase its dividend payouts and doesn’t think that the problems with this contract are enough to change that dividend policy. The forecast 2007 dividend of 4.5p a share is still covered by the reduced profit estimate. The shares fell 24.5p to 75.5p on the news of the contract renegotiation. That means that they yield 6%.
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