Since the update announced on 26 February 2001, underlying trading performance has been in line with expectations. Year end net debt is expected to be broadly in line with the previous year end.
Rail delivered a strong performance, while Environment, Nuclear Technology and Engineering Software met expectations. Future Technologies as anticipated continued to perform below expectation.
The delivery of the Group’s strategy continues to be accelerated and the Company is close to agreeing commercial terms for the sale of Nuclear Engineering.
Since the announcement of the half-year results and the February trading update, the Board of Hunting Brae has decided to change its stated intention to declare the dividends indicated to its shareholders. In view of this, the £4.1million non recurring investment income included in the half-year accounts has been de-recognised and will not be included in the Group’s full-year profit and loss account. The Group has received the cash by way of advance which will be included in the balance sheet as an advance repayable on demand.
