30 July 2009
InterBulk Group plc
("InterBulk" or the "Company")
Artenius UK Limited
The Company has recently been informed that administrators from Deloittes
("Administrators") have been appointed to Artenius UK Limited, Wilton
("Artenius"). Artenius is a key client for InterBulk's Dry Bulk business with
an estimated annualised turnover of approximately £6 million.
The Company welcomes the statement by the Administrators that Artenius will
continue to trade whilst the Administrators seek to sell Artenius as a going
concern. However, InterBulk believes it would be prudent at this time to
recognise any possible impact in the current financial year. This could amount
to a reduction of approximately £0.6 million of pre-tax profits if the PTA
Wilton production plant which had already temporarily shutdown remains closed.
In addition, InterBulk has approximately £0.7m of receivables and stock
associated with Artenius. An exceptional write off could be required in the
event that recovery was not possible from alternative sources and/or settled by
the administrators.
Trading within InterBulk's other operations remain in line with management's
expectations.
For further information, please contact:
InterBulk Group plc Tel: 01355 575 000
David Rolph, Non-Executive Chairman
Koert van Wissen, CEO
Scott Cunningham, Finance Director
Dowgate Capital Advisers (NOMAD) Tel: 020 7492 4777
James Caithie/Antony Legge
Arden Partners Tel: 020 7398 1600
Chris Hardie
Buchanan Communications Tel: 020 7466 5000
Charles Ryland, Jeremy Garcia, Ben Romney