Annual General Meeting (9328G)

TIDMJCR

RNS Number : 9328G

Just Car Clinics Group PLC

19 May 2011

 
 19 May 2011

Just Car Clinics Group plc

Annual General Meeting

The Board of Just Car Clinics Group plc, the independent collision repair chain with 25 vehicle repair centres, today announces that at the Annual General Meeting held earlier today all of the resolutions set out in the notice convening the meeting dated 4 April 2011 were duly passed.

During the meeting David Hickey the Chairman made the following statement:

"In our 2010 Annual Report, released in early March, we identified that the subdued economic climate and high petrol prices were reducing road usage and that retail customers were delaying smaller repairs due to the cost of high insurance excess payments. These factors have continued to have an adverse impact on repair volumes in the current year. Whilst profitability in the first quarter was broadly in line with expectations, a combination of these challenging market conditions and the recent record breaking dry weather, have resulted in significant pressure on repair volumes, with turnover falling by 14% in the first four months of 2011 when compared to the previous year.

A focus on the higher margin repair of damaged components, rather than replacement, has improved gross margins year on year and this, together with a cost reduction programme, has mitigated the impact of reduced volumes. However, these actions are unlikely to recover the recent shortfall and the Group now expects to report profits for the year ended 31 December 2011 below market expectations."

 
 For further information, please 
  contact: 
 
 Just Car Clinics: 
 Barry Whittles, Chief Executive     07850 268369 
 Chris Elton, Finance Director       07702 598344 
 Buchanan Communications: 
 Tim Thompson, Gabriella Clinkard    020 7466 5000

This information is provided by RNS

The company news service from the London Stock Exchange

END

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