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9th April 2008

Preliminary Results for the Year Ended 31 December 2007

Click here to download the full release in PDF format (82Kb)

AutoLogic, a leading provider of technical and logistics services to the automotive industry, is today announcing its unaudited preliminary results for the year ended 31 December 2007.

Financial and Business Development Highlights

• Significant reduction in net debt to £3.3 million at 31 December 2007 (2006: £30.4 million) through disposals and a placing of 16.9 million new Ordinary Shares in February 2007 to raise £12.1 million (net)
• Revenue from continuing operations £180.7 million (2006: £187.1 million)
• Pre-exceptional operating profit from continuing operations £5.5 million (2006: £5.8 million)
• Pre-exceptional pre-tax profit from continuing operations £4.6 million (2006: £2.0 million)
• Statutory loss for the year of £22.6 million (2006: loss of £0.2 million)
• Loss of significant Ford contract announced in September 2007
• New senior management team appointed 

Non-Executive Chairman, Reg Heath, commented:

“AutoLogic has a strategic position in a highly competitive marketplace. The appointment of Avril Palmer-Baunack as Chief Executive Officer and Andrew Somerville as Group Finance Director in late 2007 provides the Group with the leadership skills to implement a full restructuring and ultimately, over a period of time, deliver a turnaround plan. Undoubtedly the economic environment within the UK is becoming more difficult, but nevertheless we believe in the longer-term future potential of AutoLogic.”

Chief Executive Officer, Avril Palmer-Baunack, commented:

“I believe AutoLogic needs simplifying and refocusing to make the most of its inherent strengths. Our aim is to be the most efficient, innovative and cost effective choice for our customers and a restructuring must be implemented to allow the Group to reach this goal. Achieving this will provide AutoLogic with a platform for renewed growth in the future.”

Enquiries:

AutoLogic Holdings plc Avril Palmer-Baunack, CEO Andrew Somerville, Group FD	01604 664400
Panmure Gordon Hugh Morgan	020 7459 3600
Madano Partnership Neville Harris/Mark Way	020 7593 4000

Click here to download the full release in PDF format (82Kb)

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