News Page for: UNIVERSAL SALVAGE, UVS (graph)

 

 

 

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13th June 2000
 Regulatory News Service : Universal Salvage plc, the largest contract motor salvage company in the UK, will be announcing preliminary results for the year ended 29 April, 2000 on Tuesday 20th June 2000. An analyst meeting will be held at 10.00am on the day.
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21st June 2000

FT: UVS, which auctions written-off vehicles bought from insurance companies, has reported a 26 fold increase in full year pre-tax profits after re-negotiating contracts with motor insurers. The amount paid for some salvage vehicles has been reduced and storage charges have been introduced. In addition, the group has spent more on marketing auctions to motor repairers and specialist dismantlers.

Pre-tax profits were £5.55m in year to 29th April (£210K). Turnover was £87.6m (£89.3m). Margins rose to 19.7%(10.2%).

Over the past 2 years, UVS has transformed itself from trader of written off vehicles to incorporate more value-added services. These include helping insurers with the process costs of claims handling.

Auction attendance has increased by 20% over last 18 months. They provide insurers with information through its StatUS extranet. Customers can also look at UVS's database over the internet.

They will also expand their spare parts locator business, bought last year for £100K.

A final divi of 2.5p gives total of 3.5p (1p) from EPS of 14.3p(0.8p).

 
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9th Dec 2000 .
 Interim results to October: £2.83m (£2.58); divi 1.1p (1.0p)
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5 Dec 2000
 5/12/00 08:48 GMT Universal Salvage confident of continued progress reflected in future results LONDON (AFX) - Universal Salvage PLC said it is confident of making continued progress which will be reflected in future results. In the six months to Oct 28, the group reported a pretax profit of 2.8 mln stg, up from 2.6 mln on turnover of 40.8 mln stg, up from 42.4 mln. Gross margin improved from 19.0 to 21.8 pct. The board increased the interim dividend increased to 1.1 pence per share from 1.0 pence. Chairman, Alexander Foster, said the group has made considerable progress in its two core objectives of improving the group's operating efficiency and enhancing the service levels offered to customers. "The board is confident that the second half will see continued progress and this will be reflected in our future results." Foster said the marketplace within which Universal Salvage operates has changed significantly over the last few years. "We believe this rate of change will accelerate in the near future as the implications of the Government's Vehicle Crime Reduction Action Team (VCRAT) drive out less scrupulous salvage operators," he said. In addition, the implementation of the European Union ELV legislation will force further change on both the physical handling of vehicles and the data transmission regarding all vehicles designated as ELV. Universal Salvage welcomes the changes these moves will bring.
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7 Feb 2000
 7/2/01 07:32 GMT Universal Salvage begins Safeway, Saga, Equity Red Star vehicle disposal deal LONDON (AFX() - Universal Salvage PLC said it has commenced three new contracts with Equity Red Star, Saga, and Safeway PLC to handle the disposal of salvage vehicles, representing approximately 30,000 units per annum. As part of the new agreements, it will be working closely with its new insurance customers to examine ways of removing cost from the claims process for the benefit of both parties, it added. A key component of this will be the adoption of StatUS, the group's on-line salvage management system, which enables more efficient processing of vehicles, settling claims and carrying out vehicle inspections, it said. Salvage vehicles will be disposed of both through Universal's traditional routes and through its newly upgraded website, www.universal-salvage.com, it added. The group's current salvage contract with Norwich Union ends on March 31 2001, and this change follows the CGU merger with Norwich Union, it said. The contract yielded approximately 40,000 vehicles per annum albeit at reduced margins, it added.
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