Thursday, Avesco Group plc (AVS.L), in its trading update, said it continues to generate strong cash flow, resulting in net debt declining significantly since the interim stage and a further reduction in net debt is forecast over the next 12 months.
The Group stated that its balance sheet remained strong and its financial position was improved by amendments to its bank facilities which remain in place through to September 2012.
The company added that it won significant new business but this success has not compensated for the underlying reduction in business activity, in particular, in the corporate sector. Finally, Avesco said it lowered its cost base, improved cash generation and increased market share, while maintaining the Group's capability.
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