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Autoclenz Holdings
- BY: Andrew Hore |
- POSTED: 22/03/2009 |
- COMMENTS: Add yours
Autoclenz Holdings reported slightly better than expected 2008 profits.
The car valeting and vehicle preparation business grew revenues by 3% to £28m, while underlying operating profit fell from £1.86m to £1.2m. Margins are coming under pressure but costs are being reduced. Pre-tax profits, adjusted for amortisation and share based charges,
Net debt fell from £3.8m to £2.7m by the end of 2008. Underlying cash generation remains strong. The revolving credit facility is renewable at the end of 2010. There was a breach of a banking covenant in the summer of 2008 but since then there have been no breaches.
New non-executive chairman James Leek bought 500,000 shares at 22p each, taking his stake to 905,000 shares - equivalent to 8.7%. Michael Stone, another non-exec, bought 49,598 shares at 21p each, which is his first purchase of shares in the company.
At 22p a share, Autoclenz is valued at £2.29m. The net asset value is £12.4m, including goodwill and intangible assets.
Autoclenz has knocked £100,000 off of its annual overheads. Leek says that Autoclenz should be able to maintain or even improve its profits in 2009. That assumes that there are no major customer failures.
Another trading update will be issued at the AGM on 21 May 2009.
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