ADZ adsteam marine limited

today's announcement , page-2

  1. 6,389 Posts.
    Key outcomes of the review include:

    * Re focusing on Adsteam's traditional, core ship assist business,

    * The disposal of non core assets, with the divestment process to
    commence immediately,

    * A strategy to reduce debt, including using proceeds from non core
    asset sales,

    * One off write downs and provisions effective in the current
    financial year, associated with the refocus on the core ship assist
    business,

    * The establishment of a centralised operating centre in each of the
    key Australian and UK markets, replacing the distributed operating
    network,

    * Significant operational earnings improvement for 2004/05 and future
    years, and

    * The resumption of dividends during the 2003/04 financial year, with
    no final dividend to be paid for the current financial year.

    Mr Corlett said, "These outcomes represent a low risk strategy which
    will capitalise on the company's existing capability. The initiatives
    are not reliant on revenue growth."
 
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