Disposal of Björnkläder
03 12월 2010 - 4:00PM
UK Regulatory
TIDMDVSG
RNS Number : 3001X
Davis Service Group PLC
03 December 2010
FOR IMMEDIATE RELEASE
3 December 2010
THE DAVIS SERVICE GROUP PLC
Disposal of Björnkläder
The Board of The Davis Service Group Plc ("the Group") is pleased to announce
the disposal of Björnkläder AB, its Swedish direct sales business, to Litorina,
a private equity company based in Sweden.
The transaction values Björnkläder at GBP28.5 million, which will be received in
full at completion, expected to be before 31 December 2010, subject to usual
competition clearances. In the twelve months ended 30 October 2010, the business
reported revenue of GBP44.4 million and operating profit of GBP2.4 million and
net assets (excluding cash balances) at that date of GBP20.0 million. The
disposal is expected to result in a small pro forma dilution to earnings per
share in 2011.
Peter Ventress, Chief Executive of the Group, commented, "This disposal is a
further important step in our drive for stronger growth and increased returns
for shareholders. With other parts of our business offering greater opportunity
for higher growth and returns, our recent strategic review identified
Björnkläder as a non-core business for the Group. We will be focussing our
investment on our key growth markets of Workwear, Mats, Washroom & Cleanroom
across all regions and in our UK Hotel and Healthcare linen businesses. We wish
the management and employees of Björnkläder all the very best for the future."
For further information contact:
+--------------------------------------------+--------------------------+
| The Davis Service GroupPeter Ventress, | Financial |
| Chief Executive | DynamicsRichard Mountain |
| Kevin Quinn, Finance Director | Telephone 020 7269 7186 |
| Telephone 020 7259 6663 | |
| | |
+--------------------------------------------+--------------------------+
Notes:
1. Davis Service Group is a focused European textile maintenance
business with leading positions in most of the countries in which it operates.
As a focused business we are able to mobilise our resources to drive our
strategies in our core area of expertise.
2. Sourced from management accounts; operating profit before exceptional
items and amortisation of customer contracts and intellectual property rights.
3. Statements made in this announcement that look forward in time or
that express management's beliefs, expectations or estimates regarding future
occurrences are "forward-looking statements" within the meaning of the United
States federal securities laws. These forward-looking statements reflect the
Group's current expectations concerning future events and actual results may
differ materially from current expectations or historical results.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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