AGM Statement (9382I)

TIDMGOI

RNS Number : 9382I

GoIndustry-DoveBid PLC

23 June 2011

GoIndustry-DoveBid plc / Index: AIM / Epic: GOI / Sector: Support Services

23 June 2011

GoIndustry-DoveBid plc ('GoIndustry DoveBid' or 'the Group')

AGM Statement

Neville Davis, Chairman of GoIndustry-DoveBid plc, the global provider of asset advisory, disposition and valuations services, will make the following statement at the Annual General Meeting to be held at 11.00 a.m. today:

"The Group continues to make solid progress delivering on the key strategic aim of increasing its business with large corporate customers through the provision of industrial asset management, auction and valuation services. GoIndustry DoveBid has signed seven new global corporate forward flow accounts in 2011 and is in advanced contract negotiations with fifteen others. In addition, eight key global account contracts have been renewed, in each case for more than one year. The Group continued its investment in growing its sales and marketing capabilities, such as the Go-Optimize services suite, which was launched in 2010, and helps large corporations pro-actively manage their surplus assets. We believe it will be an important contributor to future growth as it continues to be well received in the market.

"As outlined in the Preliminary Statement published on 3 May 2011, trading was soft in North America during the first quarter, and this carried into the early second quarter which reflected an overall decrease in activity in the North American industrial asset auction market as a whole during the early part of the year. Conditions are now improving and we expect this to continue for the second half of the year. Trading in Asia has surpassed expectations and is delivering on the sales and marketing investments we have made in the last eight months and European market conditions have generally been favourable. GoIndustry DoveBid's valuations business has improved across all regions compared to 2010, mainly due to increased instructions from corporate clients and large financial institutions. However, as a result of the weak U.S. performance in the first quarter, management expects that the Group will record a loss for the first half of 2011.

"With recovering activity in North America, combined with an improving pipeline of asset disposal opportunities, the Board nevertheless expects the performance for FY 2011 to be in line with market expectations."

**ENDS**

For further information, visit www.go-dove.com or contact:

 
 Jack Reinelt       GoIndustry-DoveBid plc      Tel: 020 7098 3700 
 Leslie-Ann Reed    GoIndustry-DoveBid plc      Tel: 020 7098 3700 
 Chris Fielding     WH Ireland Ltd              Tel: 020 7220 1650 
                     (Nominated Adviser) 
 Felicity Edwards   St Brides Media & Finance   Tel: 020 7236 1177 
                     Ltd

Notes to editors:

GoIndustry-DoveBid plc, quoted on the London Stock Exchange's AIM market (Epic: GOI), is a global market leader in the provision of asset management, auction and valuation services. The Company delivers innovative solutions that help to value assets accurately, optimise asset utilisation and reduce costs. The Company combines its asset, industry and market expertise, with eCommerce technology to service the needs of multi-national manufacturing corporations, financial institutions, insolvency practitioners, used equipment dealers and asset based lenders around the world.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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