Deltron Electronics - Profit Forecast
June 02 1999 - 3:31AM
UK Regulatory
RNS No 1517u
DELTRON ELECTRONICS PLC
2 June 1999
DELTRON ELECTRONICS plc ("Deltron")
Profit Forecast for the year ending 30 September 1999
Further to the announcement of Deltrons interim results for
the six months to 31 March 1999, the Directors of Deltron
announce that the review of the profit forecast for the year
ending 30 September 1999 has been completed.
The Directors forecast that, on the bases and assumptions set
out below and in the absence of unforeseen circumstances, the
profit before tax of the Group for the year ending 30 September
1999 should be not less than #1.14 million.
The Directors profit forecast for the year ending 30 September
1999 has been prepared in accordance with the accounting
policies normally applied by the Group. The profit forecast
has been based on the unaudited financial statements of the
Group for the six months ended 31 March 1999 and the Directors
forecast for the remaining six months of the year, taking into
account the following principal assumptions:
a) there will be no significant changes in trading
relationships with suppliers or customers;
b) there will be no significant changes in wage rates or other
costs;
c) interest rates and the basis and rates of taxation, both
direct and indirect, will not change materially;
d) there will be no significant strengthening of Sterling
during the remainder of the financial year;
e) there will be no change in the present accounting policies;
no account has been taken of the impact of FRS10
f) there will be no other material changes in the economic or
political environments in which the Group operates;
g) there will be no change in the composition of the Group and
no further acquisitions or disposals will be undertaken prior
to 30 September 1999; and
h) the forecast profit before tax is stated after incurring
#200,000 in exceptional costs, #183,000 in non-recurring costs
relating to restructuring, and #100,000 in professional fees
relating to this forecast.
The following letters have been received by the directors of
Deltron, as required under the City Code on Takovers and
Mergers:
Letter from Granville dated 1 June 1999
"We have discussed with the Directors of Deltron Electronics
plc (the "Company") the profit forecast of the Company and its
subsidiary undertakings for the year ending 30 September 1999
together with the bases and assumptions upon which the profit
forecast is made. We have also discussed the accounting
policies and calculations for the profit forecast with Morgan
Brown & Spofforth and have considered their letter dated 1 June
1999 addressed to yourselves and ourselves on this matter.
We consider that the profit forecast, for which the Directors
of the Company are solely responsible, has been prepared after
due and careful enquiry by the Directors."
Letter from Morgan Brown & Spofforth dated 1 June 1999
"We have reviewed the accounting policies and calculations for
the profits forecast of the Company and its subsidiary
undertakings (together the "Group") for the year ending 30
September 1999.
The profit forecast, for which the Directors of the Company are
solely responsible, includes the unaudited financial statements
of the Group for the six months ended 31 March 1999 and
forecasts for the six months ending 30 September 1999.
In our opinion, the profit forecast, so far as the accounting
policies and calculations are concerned, has been properly
compiled on the basis of the assumptions made by the Directors
of the Company and is presented on a basis consistent with the
accounting policies normally adopted by the Group."
For further information, contact:
Christopher Sawyer,
Deltron Electronics plc
Edward Tozer Tel: 01638 561156
Andrew Perkin, Granville Tel: 0171 4881212
Andy Yeo/Kirsty Robeson,
Buchanan Communications Tel: 0171 466 5000
The Directors of Deltron accept responsibility for the
information contained in this announcement. To the best of the
knowledge and belief of the directors of Deltron (who have
taken all reasonable care to ensure that such is the case), the
information contained in this announcment is in accordance with
the facts and does not omit anything likely to affect the
import of such information.
END
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