Adsteam UK has had a positive impact on the half-yearly results released by parent company Adsteam Marine today, with a 7 per cent growth in its business and EBITDA up by a record 31 per cent over the same period l2 months ago.
The 7 per cent increase in the number of jobs won in the first half of the year reflects growth in the majority of ports, with Liverpool and Felixstowe being the star performers, and is particularly impressive in the light of the changes to the traditional working model introduced across the UK. A reversion to more 'normal' weather patterns has also contributed to the UK's excellent performance.
Commenting on the half-year to date, Adsteam (Europe) CEO, Stephen Eastwood said: "This is a first-class performance by staff and crews, but particular thanks are due to the senior management team. During a period of uncertainty, while the Svitzerwijsmuller bid for the business was referred to the Competition Commission, this team has kept the business focused and on course. The results speak for themselves and I would like to thank everyone for maintaining 'business as usual' and remaining committed to growing and improving our business."
The UK results are just part of the bigger picture, with the parent company reporting a net profit NPAT of $AUS 25.8 million, an increase of 22 per cent over the same period in 2006. Overall, revenues are up by 8 per cent to a total of $AUS 172 million.
The company's positive performance coincides with the announcement that Svitzerwijsmuller is to waive the condition relating to UK competition approval in its bid to acquire Adsteam Marine. Subject to the acquisition of 90 per cent of the Adsteam Marine shares, the Adsteam Marine Board maintains its recommendation that, in the absence of a higher offer, shareholders should accept the SvitzerWijsmuller offer, which is scheduled to close at 7.00pm (AEST) on the 16th of March 2007.
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For further information, please contact:
Stephen Eastwood Deborah Garritty
Chief Executive Europe Director
Adsteam (UK) Ltd Bell Pottinger North Ltd
tel 01482 337 650 tel 01625 506444