Just Car Clinics confirms AIM departure
Just Car Clinics Group, which operates in seven East Midlands locations, has confirmed it is to cancel its listing on the Alternative Investment Market after a shareholders' vote.
At a general meeting, a special resolution to cancel admission was passed and this will be effective from 8 November. Trading in Just Car shares will cease at close of business on 7 November.
The decision was taken after the collision repair company revealed a drop in turnover and profit in its interim results.
Just Car Clinics said that its board had taken the decision to delist after almost nine years as it did not feel it was receiving any "benefits to any extent that would justify the costs and management time associated with maintaining its status as an AIM company".
It has operations in Nottingham, Lincoln, Hinckley, Grantham, Ilkeston, Mansfield and Northampton.
The company, which claims to be the UK's second largest independent collision repair chain, reported a revenue of £21.5m for the six months to 30 June 2011 in its unaudited accounts - down from £25.3m for the six months to 30 June 2010.
Pre-tax profit for the first-half of 2011 was reported to be £157,000 - down from £608,000 for the same period in 2010. An interim dividend was unchanged at 0.7p per share.
