AGM Statement
June 24 2008 - 6:00AM
UK Regulatory
RNS Number : 3789X
Tolent PLC
24 June 2008
Tolent plc
AGM statement
24 June 2008
At the Group's Annual General Meeting to be held today, Mike Speakman, Non-Executive Chairman of Tolent will make the following
comments:
"The trading performance for the first four months of 2008 has been disappointing as a result of the continuing difficult trading
conditions in the economy in general and in the areas of the construction sector in which Tolent operates. The results for the first half
will be adversely affected by two provisions totalling �950,000. We have made full provision against a debt of �750,000 due from a
residential developer. We have made an accounting adjustment of �200,000 in respect of Echo Buildings as a consequence of having bought out
our joint venture partner. This provision will reverse when the remaining properties, most of which are let, are sold.
"The current secured forward workload is �120m with a further �40m of orders nearing signing and commencement on site. However, the
level of enquiries and conversion of these enquiries into firm orders has slowed in the first half of the year with a number of projects
being deferred or cancelled. This may have an impact on the achievement of the results for the full year to 31st December 2008."
Contacts:
Tolent plc 0113 232 1510
Andy Clark, Finance Director
Brewin Dolphin Investment Banking 0845 270 8610
Andrew Emmott
This information is provided by RNS
The company news service from the London Stock Exchange
END
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