Trading Statement
January 19 2006 - 2:02AM
UK Regulatory
RNS Number:1442X
Inspicio plc
19 January 2006
19 January 2006
Inspicio plc ("Inspicio" or "the Company")
Pre-close trading update
Inspicio plc (INP.L), the international inspection and testing business, today
issues a pre-close update in advance of its results for the year ended 31
December 2005, which will be announced in March 2006.
The Company is pleased to report, that following the acquisition of Inspectorate
in October 2005, the restructuring of the business commenced as anticipated and
continues to progress well and in accordance with the Company's expectations as
outlined to shareholders in its admission document in October 2005. During 2005,
the headcount reduced by 324, as a layer of management has been removed and a
more de-centralised and dynamic group structure has been put in place. In
addition, we have closed four loss making operations. The Board estimates that
annualised savings from the restructuring carried out to date will amount to a
minimum of #4 million. In certain low-cost locations, where the level of
business has expanded, staff have been recruited on short notice periods.
Jeff Luesley has been appointed as managing director of Inspectorate. Jeff is
focussed on delivering the restructuring plan and driving the operational
performance of the business. In addition, the Board is interviewing candidates
for the position of group finance director and a further announcement will be
made in due course.
The Oil & Petroleum and Metals & Minerals businesses are both performing in line
with the Board's expectations, with new contracts being signed in recent weeks
with Xstrata Las Bambas, CVRD, and a number of other contracts including full
route contracts for trans-shipments in the Caspian region. In addition, a
number of other customers are now nominating Inspectorate after a period of
absence.
The inspection and testing markets continue to show strong growth and the
underlying dynamics remain favourable. The Board is confident that the Company
will achieve the targets it set following the acquisition of Inspectorate.
As stated at the time of the acquisition of Inspectorate and at the time of
admission onto AIM, the Company actively continues to seek further complementary
acquisitions to develop an international inspection and testing group.
- Ends -
For further information, call:
Mark Silver, Chief Executive Officer, Inspicio plc 020 7782 8509
Jonathon Brill/Billy Clegg/Edward Westropp, Financial Dynamics 020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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