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AutoLogic receives take-over bid as interim profits show 18% fall

The Board of AutoLogic Holdings plc ("AutoLogic") has received an approach from a unnamed private equity firm to acquire all of the share capital of AutoLogic for 350p per share in cash. Talks are progressing, though they still remain subject to further due diligence and financing. Consequently the AutoLogic Board advises that there can be no certainty that a firm offer will be made.

AutoLogic owns Walon UK and other automotive services business in the UK and other logistics operations in France, Spain, Portugal, Belgium, Holland, in other European markets and in South America. It owns 40% of Renault's former logistics arm CAT.

At the same time as announcing the potential take-over bid, AutoLogic also announced interim 2003 results today, which show turnover up 2.5% to £358.6m but operating profit down 16.1% at £18.3 million and pre-tax profit down 18.4% at £12.9 million. Dividend was maintained. AutoLogic reported a strong first-half performance in the UK and Spain, but said results were hit by weak French and Benelux markets. p AutoLogic chairman John Merry commented: "Trading in the second half to date has continued to be weak following the marked downturn experienced in April and May. We do not expect any significant upturn in the market during the second half of the year and are therefore continuing our aggressive focus on reducing fixed costs, improving operational flexibility and increasing productivity across the Group."

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