Trading Update (5741R)

TIDMGOI

RNS Number : 5741R

GoIndustry-DoveBid PLC

07 November 2011

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

7 November 2011

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

Trading update

In the interim statement for the six months ended 30 June 2011, the Directors of the Company stated that the final performance for the year ending 31 December 2011 would depend upon the outcome of a number of large asset disposal programmes scheduled before year end.

The Directors must report that several large projects have been delayed to 2012. Continued weakness in the American market, taken together with these delayed programmes will result in operating performance for the year that is well below our earlier expectations.

As a result of the above, the Directors are implementing a detailed review of the Group's cost base, to achieve substantial savings and to ensure that the cost structure is appropriate for current activity levels.

Whilst current performance is disappointing, we expect substantial improvement in 2012. The Directors are pleased to report that the Group is continuing to sign corporate forward flow accounts with large multinational organisations, including five new global contracts since 30 June 2011, and is currently working with three of the four largest UK manufacturing organisations. In addition, for the third consecutive year the company has received the prestigious Business Partner Excellence Award from Procter & Gamble; in 2011 only 80 of 75,000 suppliers achieved this award.

The Directors therefore continue to believe that the Group has good prospects.

**ENDS**

 
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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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