Richmond and PPCS play nicely

The two companies met this week to look at ways of working together for financial benefit.

Chief executives, John Loughlin and Stewart Barnett, say the discussions have progressed well, and the early emphasis will be on identifying and achieving relatively quick gains for their respective companies.

"Some opportunities for synergies in our respective businesses have been identified, and we will be creating small working parties, comprising executives from both companies, to determine exactly how the benefits might be captured.

"We agreed that we want to move as quickly as is prudently possible, as we are confident some early wins will help built a spirit of co-operation.

The two companies will also be keeping a close eye out to make sure neither company is disadvantaged.

"We also agreed that any co-operation of efforts must be mutually beneficial, and cannot and will not be at the expense of one or any other of our operations," says the two CEOs.

However shareholders should not hold their breath waiting for news of any major cost-benefits - both companies say that any synergies will remain commercially sensitive and won't be reported upon unless appropriate.

Stewart Barnett joined the Richmond board yesterday and John Loughlin is expected to be on the board within the next few months.

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