LONDON (AFX) - British workwear rental company The Davis Service Group PLC has moved to allay fears its business could be hurt by the demise of MG Rover Group, the car maker which last week called in administrators.
"They're miniscule," said spokesman Richard Mountain when asked what percentage of the support services company's revenues are generated by the stricken British car maker.
Earlier broker Numis cut its target price on the shares to 421 pence because of concerns about the implications of Rover's downfall.
By 10.10 am Davis Service shares were trading 0.5 pence higher at 444, valuing the business at around 900 mln stg.
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"They're miniscule," said spokesman Richard Mountain when asked what percentage of the support services company's revenues are generated by the stricken British car maker.
Earlier broker Numis cut its target price on the shares to 421 pence because of concerns about the implications of Rover's downfall.
By 10.10 am Davis Service shares were trading 0.5 pence higher at 444, valuing the business at around 900 mln stg.
rob.branch@afxnews.com
rhb/slm/
COPYRIGHT
Copyright AFX News Limited 2005. All rights reserved.
The copying, republication or redistribution of AFX News content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
AFX News and the AFX Financial News logo are registered trademarks of AFX News Limited
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2005 AFX News
