GFG Greatfleet

RNS Number:9985G
Greatfleet PLC
05 November 2007



For immediate release                                            5 November 2007


                 Greatfleet plc ("Greatfleet" or the "Company")

                                 Trading update


On 24 October 2007 Greatfleet announced a number of board changes, including the
appointment of Colin Gerstein as the Company's Chief Executive Officer.  This
appointment follows the previous Chief Executive Officer, Stuart Blake, stepping
down due to ill health.  At the same time the Board of Greatfleet announced that
the Company's senior management team, led by Colin Gerstein, were conducting a
review of the Company's operations.


Whilst this review is still ongoing the Board have recently become aware of
certain matters which may have an impact on the outcome for the current year.
The Board intends to fully investigate these matters and will take whatever
steps are necessary to protect the interests of shareholders.  In addition the
Company's trading in October was significantly below budget.   As a consequence
the Board now believes that the outcome for the current year is likely to be
significantly below their previous expectations.


Colin Gerstein and the Company's senior management team are continuing their
review, focusing in particular on the Company's future strategy and working
capital requirements.


Colin Gerstein, Greatfleet's new Chief Executive Officer, said:


"I am very disappointed that the Company will not now achieve the Board's
expectations for the current year.  However I remain confident that there is a
good opportunity for Greatfleet and its staff in the future and I intend to work
with the Board and the senior management team to grow the business and create
value for shareholders".


Further announcements will be made in due course.


For further information please contact:


Greatfleet plc                                   Tel: 0845 881 0700

John Baker, Non-Executive Chairman

Colin Gerstein, Chief Executive Officer



Noble & Company Limited                          Tel: 0207 763 2200

Nick Naylor

Nick Athanas



Parkgreen Communications Limited                  Tel: 020 7851 7480

Simon Robinson

Ben Knowles


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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