cybertrader

[gedden]

Wagon falder 25% på earnings update

negative udsigter 2008-2009, men derefter positive (sådan læser jeg det ialtfald)

Wagon plc

Pre Close Trading Statement



Wagon plc the European automotive components group, issues the following update on trading for its financial year ended 31 March 2008.



Volumes, revenue and operating performance have remained broadly in line with the Board’s expectations at the time of the Interim Management Statement, though reported pre-tax profits will be impacted by an exceptional transaction cost, as set out below.



Order intake in the year is expected to be c. 30% above last year, and continued to strengthen in the second half. In addition to new and replacement contracts from its existing customer base, Wagon has secured significant contracts with Iveco, Honeywell, and more recently its first contracts for a number of years with Porsche.



The Board expects this strong order intake will contribute to Group revenues and profits from the 2009/10 financial year and onwards. In the 2008/09 financial year, however, changes in OEM schedules and model changeovers, together with general expectations of lower market demand are expected to materially impact volumes, revenues and margin.



As announced in the Interim Management Statement on 18 February, the Group’s largely euro-denominated debt remains above expectations, with additional impacts coming from exchange rate factors and a material exceptional transaction cost relating to the potential acquisition of ISE, a major European automotive structures producer, which is no longer being progressed. The Board continues to pursue several options to improve the Group’s debt position.



Wagon’s preliminary results will be issued in early June.





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