Delayed Project
June 01 2009 - 9:18AM
UK Regulatory
TIDMATCG
RNS Number : 1331T
AT Communications Group Plc
01 June 2009
ATCG.L
AT Communications Group plc
("ATC" or "the Group")
Delayed Project
The Board of ATC has had discussions with a major customer and been informed
that a substantial proportion of a project, scheduled for completion in this
financial year, will no longer be on schedule. This project generated a turnover
of approximately GBP6million which was accrued last year based on work done up
to 31 December 2008 and would have provided significant cash for debt reduction
during the course of the current financial year. The company is currently in
discussions over the exact timing of the delay to this project and a further
announcement will be made in due course.
The Board of ATC has informed its Bankers of this matter in light of the
re-negotiation of ATC's facilities currently underway following the disposal of
Rocom.
ATC has begun a cost reduction programme, which will substantially reduce its
ongoing staffing levels. Although turnover in the four months to 30 April is
behind expectations, the Directors are encouraged by the levels of new business
wins being achieved by the new management team. This, together with the effects
of the cost reduction programme, mean that the Company is better placed to
mitigate the effect of the delay to the project referred to above.
Enquiries
+------------------------------------+-----------------------------------------------------------------------------------------+
| AT Communications Group plc | 08700 |
| | 558 |
| | 080 |
+------------------------------------+-----------------------------------------------------------------------------------------+
| Scott Kean, Chief Executive | |
+------------------------------------+-----------------------------------------------------------------------------------------+
| www.atcommunications.co.uk | |
+------------------------------------+-----------------------------------------------------------------------------------------+
| Cenkos Securities plc | 020 |
| | 7397 |
| | 8924 |
+------------------------------------+-----------------------------------------------------------------------------------------+
| Stephen Keys | |
+------------------------------------+-----------------------------------------------------------------------------------------+
| www.cenkos.com | |
+------------------------------------+-----------------------------------------------------------------------------------------+
| Biddicks | 020 |
| | 7448 |
| | 1000 |
+------------------------------------+-----------------------------------------------------------------------------------------+
| Shane Dolan | |
+------------------------------------+-----------------------------------------------------------------------------------------+
| www.biddicks.co.uk | |
+------------------------------------+-----------------------------------------------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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