04 AVESCO GROUP PLC ANNUAL REPORT 2008
www.avesco.com
DEAR SHAREHOLDER
It is pleasing to report that, despite
the challenging global economic
trading conditions during the period,
Avesco Group has produced a
profitable outcome in the year ended
30 September 2008.
I ended my statement last year by
warning of a tough economic
environment and, whilst we are not
immune to the current difficult trading
conditions, the steps we have taken
over the last two years have
strengthened our position and leave us
well placed operationally. Our plan is
to manage the business through the
economic downturn by tightly
controlling costs, capital expenditure,
and cash flow.
The Avesco Group has a strong
balance sheet underpinned by
significant assets and a strong funding
position. We have well established
businesses and believe that by
continuing to focus on service and
quality, we are well positioned against
our competitors.
Clearly the world situation is fragile
and we are or will be faced with a
number of issues. We are confident
that we have the right plan and strong
leadership in place to bring Avesco
through these difficult times.
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