News

Recovery hopes boost battered Widney

05 December 2007 10:26:00

Widney bounced off recent lows as the window systems and automotive equipment firm said it was confident of rebuilding the business in the months ahead despite growing losses.

The firm shrugged off a big increase in full year losses to £1.83m for the year to 30 September from £149,000 in 2006. Turnover on continuing operations was £32.84m, down from £64.17m last time.

"The past few months have been some of the most difficult I have experienced dominated by the decision to place Widney Cabs Ltd into administration and the subsequent drive to liquidate assets to enable us to reduce the debt incurred in developing this operation," said chairman Joe Grimmond.

"The unexpected decision by a major customer to resource all of its cab business to competitors in France had a devastating effect on the Cabs business."

But he added that with the group "substantially de-geared and focused once more on operations and growth, I am confident that we will begin to rebuild over the coming months."

The final dividend of 0.5p per share takes the total dividend for the year to 1.0p from 0.5p a year earlier.

All data suppied by Digital Look (15 minute delay)




Risk Warning

There is an extra risk of losing money when shares are bought in some smaller companies including 'Penny Shares'. There is a big difference between the buying price and the selling price of these shares. If they have to be sold immediately, you may get back much less than you paid for them or you may have difficulty in selling them. Past performance is not a reliable indicator of future results. The price may change quickly and it may go down as well as up. You could lose every penny put into a particular share.

The information contained above has been compiled from documented sources which are believed to be reliable but, due to their very nature, are subject to a degree of historical inaccuracy and have not been independently verified and cannot be guaranteed. The pages on this website are provided for information only. City Equities Limited will not accept responsibility for loss incurred by any person or body acting, or refraining from acting, as a result of information and/or opinions given anywhere on this website. Issued by City Equities Limited, Aldermary House, 10-15 Queen Street, London, EC4N 1TY. Registered in England. Registered No. 2742847. Registered Address: Amwell House, 19 Amwell Street, Hoddeson, Herts. EN11 8TS. City Equities Limited is Authorised and regulated by the Financial Services Authority. Registration No. 155051.