INTERVIEW: Spice Plans "Meaningful" Debt Reduction In FY11

6th Jul 2010 08:46

By Rachael Gormley Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Utility support services group Spice PLC (SPI.LN) is targeting a "meaningful reduction" in net debt in the fiscal 2011, Group Finance Director Oliver Lightowlers said Tuesday, which would be accelerated by any further disposals. When reporting its results for the year ended April 30 Spice reported pro-forma net debt of GBP91 million following the disposal of its telecommunications unit in May. It is also currently carrying out a strategic review for its non-core facilities business. Lightowlers said the board has a target of managing Spice's ratio of net debt to earnings before interest, taxes, depreciation and amortization down to two times. It currently stands at around 2.2 times. "We will achieve [the target] over the 2011 fiscal year under our own steam," he said. "Any disposal would accelerate that." -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires July 06, 2010 03:46 ET (07:46 GMT)