Information  X 
Enter a valid email address

Salvesen(Christn) (SVC)

  Print      Mail a friend

Monday 20 November, 2006

Salvesen(Christn)

Trading Statement

Salvesen (Christian) PLC
20 November 2006


                            
                            Salvesen (Christian) PLC

                               Trading Statement

Christian Salvesen PLC today issues the following trading statement.

As we outlined in our pre-close trading statement of 3rd October 2006 we
expected to report year on year growth of around 7% in the first half, with a
similar rate of growth in the second half. We remain on track to deliver this.
We also said that the environment remains challenging and margins in many of our
markets are under pressure. In particular, in our UK transport business, we
explained that we had implemented a programme to improve operating efficiency
significantly with the first benefits to be seen in the second half. We reported
volumes in our Iberian transport business were lower than expected and that
availability of subcontractors had increased costs. In our Mainland Europe Food
& Consumer business, the productivity gains needed to offset pricing pressure
were proving more difficult than expected to achieve. As a result, we said that
profits were expected to be weighted towards the second half of the financial
year.

Since the pre-close announcement, we have not seen the improvement we expected
from the above in October and the first half of November and, in addition, we
have not seen the margin improvement we expected from the strong volume growth
in our French Transportation business. First half results are expected to be in
line with expectations, however, looking ahead, the second half is now likely to
be similar to the first half.

On 5th December 2006, Christian Salvesen will release its interim results for
the six months ended 30th September 2006 at which time further information will
be given.

For further information, please contact:

Christian Salvesen PLC                           01604 662600
Julian Steadman, Group Finance Director

Tulchan Communications                           020 7353 4200
Stephen Malthouse



                      This information is provided by RNS
            The company news service from the London Stock Exchange

a d v e r t i s e m e n t