EURODIS ELECTRON: Company Profile
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NAME: Eurodis Electron PLC
ADDRESS: Electron House
43 London Road
Reigate
Surrey
United Kingdom
RH2 9PW
PHONE: +44 1737 242464
FAX: +44 1737 229600
E-MAIL: info@eurodis.com
WEB SITE:
http://www.eurodis.com
TYPE OF BUSINESS: Eurodis Electron sells about 120,000 types of components to more than 18,000 electronics manufacturers and commercial customers across the continent. Offering logistics, supply chain, warehousing, and e-business services, the company currently has 780 employees in 40 offices across 18 countries.
SIC: (5065) Electronic parts and equipment
EXECUTIVES: Douglas E. Rogers, Non-executive Chairman
Barry B.J. Charles, Non-executive Deputy Chairman
Steve P. Swayne, Chief Executive
Bill N. Alexander, Group Finance Director
Peter W. Grant, Group Finance Director
Nick J. Jefferies, Executive Director
Dr. Albert van der Wijk, Executive Director
Bill N. Alexander, Non-executive Director
Milton Guffogg, Non-executive Director
ANNUAL TURNOVER: EUR327.9 million (May 2004)
SALES: EUR328 million (May 2004)
ASSETS: EUR179 million (May 2004)
NET DEBT: EUR 47.5 million (May 2004)
THE TROUBLE: In 2002, Eurodis Electron plc was badly hit by the collapse in demand for electronic components in Europe, which started a year earlier. The combination of low production capacity usage and high inventories also saw sales drop 10% to GBP185 million and operating profit sink 69% to GBP2.4 million.
The cost of restructuring dragged in losses of GBP3 million, while net debt rocketed 86% for the six months ending November 2001. Eurodis also let go of its Swiss computer products and services business Eurodis DATA to Bechtle AG for GBP8.1 million.
The downturn both in the economic environment and the market conditions continued in 2003. Further restructuring costs and downsizing resulted to reduction of its funding facilities. In April of that year, the company announced it was in preliminary bid talks, which were, however, terminated six months after. The year ended with sales still not recovering.
In May 2004, Eurodis revealed that the successful conclusion of the GBP39 million equity raising at the beginning of March has enabled the business to get back to operating on a normal footing. It incurred a pre-tax loss of GBP12 million on ordinary activities, down 37% from the year before before.
However, sales in ten months to 31 March 2005 were EUR244.1 million, 10.7% lower than figures on the same period in 2004. The slide continued in the first quarter of 2005 as Eurodis revealed sales were 8.8% down, reflecting the loss of franchises during 2004 following the company's refinancing, combined with a small fall in the overall European market.
On April 15, 2005, the company succumbed to administration; a day after it suspended its shares as takeover negotiations announced a month earlier have ended.
The company also said that its lead finance provider has cut
down facilities to a level that makes current operations
"unsustainable."
CREDITOR: HSBC BANK PLC
8 Canada Square
London
E14 5HQ, United Kingdom
Phone: +44 (0)20 7991 8888
Web site: http://www.hsbc.co.uk
FINANCIAL ADVISOR: DRESDNER KLEINWORT WASSERSTEIN
20 Fenchurch St.
London
United Kingdom
EC3P 3DB
Phone: +44-20-7623-8000
Fax: +44-20-7623-4069
Web site: http://www.drkw.com
STOCKBROKER: DRESDNER KLEINWORT WASSERSTEIN SECURITIES LTD
20 Fenchurch St.
London
United Kingdom
EC3P 3DB
Phone: +44-20-7623-8000
Fax: +44-20-7623-4069
Web site: http://www.drkw.com
AUDITOR: GRANT THORNTON UK LLP
Grant Thornton House
Melton Street
Euston Square
London
United Kingdom
NW1 2EP
Phone: 020 7383 5100
Fax: 020 7383 4715
Web site: http://www.grant-thornton.co.uk
LEGAL ADVISOR: KIRKPATRICK & LOCKHART NICHOLSON GRAHAM LLP
535 Smithfield St.
Pittsburgh, PA
United States
15222
Phone: 412-355-6500
Fax: 412-355-6501
Web site: http://www.klng.com
MAJOR SHAREHOLDERS: ARTEMIS INVESTMENT MANAGEMENT (14.19%)
42 Melville Street
Edinburgh
Scotland
United Kingdom
EH3 7HA
E-mail: investorsupport@artemisfunds.com
Web site: http://www.artemisonline.co.uk
EAGLET INVESTMENT TRUST PLC (12.42%)
First Floor Office
Preacher's Court
The Charterhouse
Charterhouse Square
London
United Kingdom
EC1M 6AU
Phone: +44 (0)20 7253 0889
Fax: +44 (0)20 7251 4028
Web site: http://www.unicornam.com
GARTMORE INVESTMENT MANAGEMENT PLC (3.97%)
Gartmore House
8 Fenchurch Pl.
London
United Kingdom
EC3M 4PB
Phone: +44-20-7782-2000
Fax: +44-20-7782-2075
Web site: http://www.gartmore.co.uk
ABERFORTH PARTNERS (3.08%)
14 Melville Street
Edinburgh
Scotland
United Kingdom
EH3 7NS
Phone: 0131 220 0733
Fax: 0131 220 0735
Web site: http://www.aberforth.co.uk
REGISTRARS: CAPITA IRG PLC
Bourne House
34 Beckenham Road
Beckenham
Kent
United Kingdom
BR3 4TU
Phone: +44 (0)870 162 3100
Fax: +44 (0)20 8639 2403