Pre-close trading update

RNS Number : 0579S

Spice PLC

12 May 2009

 

12 May 2009 

Spice plc

Pre-close trading update

The Board of Spice plc ("Spice" or "the Group"), the provider of Total Utility Support Services, is pleased to announce that the Group's trading for the year ended 1 May 2009 is in line with the Board's expectations.

Cash conversion has remained strong in the second half of the year. Year end net debt is less than £100 million.

Since the Interim Management Statement issued in February 2009, the Group has made progress in both of its divisions, extending or securing new contracts including:

• E.ON - successful conclusion of electricity imbalance pilot;

• United Utilities - extension of meter installation contract until August 2011;

• Scottish Water - new contract for the provision of perimeter security upgrades to critical infrastructure;

• Yorkshire Water - new contract for the provision of water imbalance services;

• EDF Energy - new contract for the provision of perimeter security upgrades to critical infrastructure;

• Central Networks - new contract for the provision of wayleaving and property services; and

• E.ON - new contract for the provision of gas safety inspection and maintenance services.

Simon Rigby, Chief Executive Officer commented:

"I am pleased with the Group's performance in the second half of the financial year and particularly with the contribution made by our Supply Division, which has been notably strong. Spice is well positioned within its utility markets which continue to offer significant growth opportunities. I am confident of Spice's future prospects."

Spice's results for the year ended 1 May 2009 are expected to be announced on Monday 13 July 2009 and the Group intends to hold a briefing for analysts at 9.30am on that morning at the offices of KBC Peel Hunt. Further details of this briefing will be announced nearer the time.

A telephone conference call for analysts has been scheduled for 8.15am today on 12 May 2009, the details of which can be obtained from Financial Dynamics.

Ends

Enquiries:
Spice plc	Tel: [phone]
Simon Rigby, Chief Executive Officer
Oliver Lightowlers, Group Finance Director
Financial Dynamics	Tel: [phone]
Billy Clegg
Caroline Stewart
KBC Peel Hunt (Broker)	Tel: [phone]
Julian Blunt (Corporate finance)
Matthew Tyler (Corporate broking)

NOTES TO EDITORS

Spice plc

Spice is a total utility infrastructure support services business. The Group's operations were founded in 1996 and have their origins in the electricity industry, although the range of activities has since been expanded into other niche areas. The Group is organised into two divisions to match its utility customer base; a Supply Division; and a Distribution Division.  Spice's businesses have a common theme of delivering and co-ordinating infrastructure services to customers, and the technological element within the product mix has been built up significantly over the course of the last three years.

 

END

 

 

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