Avesco Group PLC Trading and Court Case Update (2450G)
2013年6月4日 - 7:34PM
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RNS Number : 2450G
Avesco Group PLC
04 June 2013
AVESCO GROUP plc
Trading and Court Case Updates
Avesco Group plc ("Avesco" or the "Group"), the international
provider of services to the corporate presentation, entertainment
and broadcast markets, announces an update on trading and regarding
the Group's economic interest in the outcome of existing litigation
brought by Celador International Ltd against The Walt Disney
Company and others ("Disney").
Trading Update
Trading for the quarter ended 31 March 2013 has shown an
improvement on the previous quarter, although our markets remain
difficult with competitive pricing pressures and limited
visibility. The post-Olympic pick-up in demand in the UK has been
much slower than anticipated, particularly at the large event end
of the market. Our businesses in Germany have also suffered from
difficult market conditions and the departure of some key staff,
whilst the consequent management restructuring will necessitate
some additional costs. Therefore, we now believe that it is likely
that our results for the full year to 30 September 2013 will be
below market expectations.
As an even year, 2014 sees a return to a run of major sporting
events around the World, including the Winter Olympics in Russia,
The Commonwealth Games in Scotland and the FIFA World Cup in
Brazil. The additional potential revenue that can be derived from
these events is expected to have a significant beneficial effect on
our results for that year.
Court Case Update
The Group announced on 8 March 2013 that the Ninth Circuit Court
of Appeals issued its order returning the case to the trial court,
an act which had the legal effect of making the judgement
collectible by Celador International Ltd ("Celador"). Payment to
the Group was via a third party under the terms of a sale and
purchase agreement dated 1 December 2006, by which Avesco sold its
interest in Celador.
The Group is now pleased to announce the receipt yesterday of
its share of the award, including interest and after third party
taxes and costs. The Group now estimates the net value of the sum
received, after tax and other costs, to be approximately 10% higher
than the previously estimated $60m, principally due to the effects
of post judgement interest and lower corporate tax rates both at
the third party and for the Group.
The Group plans to release its Interim Results on 13 June 2013
when a further announcement will be made.
For further information please contact:
Avesco Group plc
Richard Murray, Chairman 01293 583400
John Christmas, Group Finance
Director
finnCap
Ed Frisby/Rose Herbert,
Corporate Finance
Brian Patient/Victoria Bates,
Corporate Broking 020 7220 0500
This information is provided by RNS
The company news service from the London Stock Exchange
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