Press release regarding Hays (for those interested in UK off-site records
storage).....

> Hays announces break-up plan
> By Rosie Murray-West (Filed: 05/03/2003) 
> Hays, one of the remaining conglomerate companies on the stock market,
> yesterday announced plans to break itself up and concentrate on its
> personnel division.
> The company, which has been criticised for lack of focus, owns a logistics
> division, fleets of lorries, a recruitment consultancy and a mail delivery
> company. Colin Matthews, the new chief executive, initiated a strategic
> review when he started at the business last November.
> Announcing the break-up plan, he said his predecessor, Ronnie Frost, had
> been absolutely right to keep Hays as it was. "Looking back, the success
> Ronnie Frost had was spectacular. Conditions have completely changed and
> people want to have a clear indication of what they have invested in. His
> strategy was brilliant for its time."
> He refused to put a timetable or possible price on the sale of the
> logistics and commercial businesses, and said that the company would keep
> the mail and express division for a little longer to take advantage of the
> advent of competition in the UK mail market. He has appointed Schroder
> Salomon Smith Barney to sell the businesses.
> "It will take a significant amount of time," he said. "It is not something
> that will happen overnight. Our absolute priority is to make sure the
> shareholders' interest is secured, and this is a strategy that has value
> only in its implementation."
> Once they are sold, he has pledged to return money to shareholders, but
> would not put a figure on how much. He also recognised that now is a
> difficult time to sell companies. 
> "Two years ago we would have realised more profits, but cash can now buy
> more assets. By this I do not mean that we intend to spend all the
> proceeds ourselves, shareholders value cash highly today."
> He was speaking as the company rolled out its interim figures. Turnover
> from continuing operations was practically flat at £1.19 billion while
> clean pre-tax profit was £76m compared with £103m for the same period the
> previous year. The company took the decision to hike its interim dividend
> by 15pc to 1.75p.
> The personnel division, which Hays is planning to focus on, saw operating
> profit fall 14pc in the half year to £53.6m, while sales were 1pc lower.
> "This is an excellent result in a depressed market," Mr Matthews said,
> although he acknowledged the division's short-term future was based on the
> economic conditions. 
> Hays shares rose 0.75 to 73.75p.
Full report can be found at: http://www.hays.com/media_centre/  Interim
Results