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26 June 2007
Inspicio plc ( "Inspicio" or the "Company") AGM Statement Inspicio plc ("Inspicio") the international inspection and testing business will hold its Annual General Meeting at 09:00 today at 16 Lincoln’s Inn Fields, WC2A 3ED, at which Keith Tozzi, Chairman, will make the following statement. "Inspicio is trading on budget and all parts of the group are progressing as expected. The group is trading in line with the Directors' expectations for the current financial year. In line with the pattern of previous years, trading in 2007 will continue to be biased towards the second half. The turnaround of Inspectorate, our largest business, is on track to achieve the margin target of 8 per cent in the second half of 2007 and to meet the expectations of the Directors as outlined in the admission document at the time of its acquisition in 2005. As stated in the annual report and accounts for the year ended 31 December 2006, the acquisitions of ESGL and Eclipse in 2006 have been successfully integrated into the group and we continue to leverage operational synergies and cross-selling opportunities. We continue to make good progress in implementing our dual strategy to turnaround the business, whilst making earnings-enhancing acquisitions. The acquisition of Scientifics Limited on 5 June 2007 provides an opportunity for Inspicio to achieve greater scale in the environment testing and related sectors, continue diversifying services and client base, and increase exposure to higher margin testing services. A comprehensive review and integration of Scientifics Limited into the Group has commenced. This acquisition is another step in our ongoing strategy to consolidate the fragmented inspection and testing industry. The outlook for the testing and inspection sector remains positive and the market continues to be driven by increased regulation, high barriers to entry and growing world trade. With Inspectorate’s global infrastructure, Inspicio is very well positioned to expand all areas of its businesses and to capitalise on the strength of underlying demand for its services. The Board is committed to implementing and exploiting our strategy. Despite some weakness of the US dollar, we remain confident in our outlook and that Inspicio will continue to perform in line with market expectations in 2007.” --Ends-- |
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