Nuance deal nears as group generates positive position

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The sale of SAir Group travel-retail division The Nuance Group has been delayed until March or April, according to reliable sources. The company says that evaluating a number of attractive offers has turned out to be more time-consuming that originally expected.

However Nuance management is confident that the group will soon see a major new shareholder. Management has been buoyed by the extension to Nuance's Melbourne airport contract (TRW 24/1/02) and a positive cash flow for 2001. Sales from September to December were down by about 15% because of the September 11 crisis. Sales up to that point had increased marginally on the previous year. Consolidated revenue for 2001 will amount to some SFr1.73bn ($1.048bn) compared with SFr1.83bn ($1.109bn) in 2000.The group believes business is bouncing back well in early 2002.