Fayrewood bid talks terminated
Fayrewood's mystery suitor is suiting no more: the AIM-listed computer distie announced today that takeover talks, announced on 26 August, have been terminated.
Fayrewood sweetened the news with an upbeat trading statement and a commitment to increase dividend payments.
Turnover in its core distribution business increased by more than 20 per cent between 1 July and 31 October, comopared wit hte same time last year. On the back of this, it expects sales for the last six weeks of the quarter to help it meet profit expectations for the full year.
In 2006 it will accelerate plans to integrate its three European businesses - "where appropriate".
Now for a canned quote, from David Kleeman, non-exec chairman.
"We are confident that the Group will meet expectations for the current year,and are optimistic about our prospects for 2006. This strong performance provides the Board with confidence to adopt a much more generous dividend policy." ®