News blog
Autoclenz Holdings
- BY: Andrew Hore |
- POSTED: 16/12/2007 |
Autoclenz has issued another profit warning for 2007 but the dividend appears to be safe.
Autoclenz has already said that a change in contract terms would hit the profit contribution of the core valeting business during the second half. Trading conditions are tough and the valeting business is underperforming but that has been covered by a strong performance elsewhere. However, investment in activities will knock a further £500,000 off profits.
A new vehicle collection and delivery service for rental firms should breakeven by the summer of 2008.
Management is trying to cut costs and to continue to grow the newer parts of the business.
The shares fell 2.5p to 67.5p on the news. A maintained final dividend of 3p a share would give a 2007 total of 4.8p a share. That puts the shares on a yield of 7.2%. That dividend should still be covered by 2007 earnings.
The full year figures will be released in the week commencing 17 March 2008.
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