Huntingdon Life - Trading Statement
July 01 1997 - 10:30AM
UK Regulatory
RNS No 7902q
HUNTINGDON LIFE SCIENCES GROUP PLC
1st July 1997
Huntingdon Life Sciences Group plc
("Huntingdon")
(SEAQ-HTD)
Pre-tax Profit Below Expectations
Huntingdon announces that it expects to report a small loss on
ordinary activities before taxation in the half year ending
June 30, 1997 (1996 profit #2.6 million) after charging:
- Exceptional costs of about #1 million in relation to
management changes, advisers' fees, additional marketing
expenses and study costs arising from Huntingdon's
response to allegations from animal rights groups.
- Translation costs of approximately #0.6 million (1996
nil) arising on consolidation of the 7+% Convertible
Capital Bonds.
Profit on ordinary activities before taxation in the 12 months
ending 31 December 1997 is expected to be substantially below
1996 profits of #9.4 million because:
- Monthly new orders of #4-5 million have recently
been below Huntingdon's expectations.
- Marketing programmes to increase new orders in certain
services which under-performed in the first quarter
have been negatively impacted by the allegations.
Christopher Cliffe, Chief Executive, commented:
"Investigations into allegations from animal rights groups
were completed some time ago and considerable management
effort has been devoted to keeping clients informed and to
retaining clients' confidence by the introduction of enhanced
managerial controls. We expect that these efforts coupled with
various marketing initiatives will increasingly be supported
by clients and Huntingdon will return to profit in 1997.
Contact: P Dawes, Group Company Secretary
Huntingdon Life Sciences Group plc
Woolley Road
Alconbury
Huntingdon
Cambs PE17 5HS
Telephone No: 01480 892100
END
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