ILX ILX

 

TIDMILX 
 
RNS Number : 2519T 
ILX Group PLC 
24 September 2010 
 

                                  ILX GROUP PLC 
                             ("ILX" or "the Group") 
 
                                  AGM STATEMENT 
 
At its Annual General Meeting later this morning, Paul Lever, the Chairman of 
ILX Group plc, the AIM quoted provider of e-learning software and business 
training, will make the following comments: 
 
"Firstly, I would like to apologise for announcing and then cancelling the 
dividend. As we stated at the time, we were in the process of refinancing our 
banking facilities and it was decided by the Board, in conjunction with our 
advisers, that the monies would be better applied to fund the expansion of the 
business overseas and to strengthen our balance sheet while the global economies 
continue to be beset by uncertainty. 
 
"Since that announcement, our revised banking facilities have been approved and 
trading has remained buoyant overseas where the business in Australasia 
continues to expand.  In addition we have announced a large significant contract 
win in the Middle East and the opening of our first Nordic office in Copenhagen 
- which is already bearing fruit.  In the UK we have noticed some slowing but no 
sharp downturn, although the performance of CTG in the finance division remains 
weak and is a cause for concern. 
 
 "The new banking facilities we have negotiated comprise a GBP2.4 million 3-year 
term loan, a GBP0.8 million 3-year bullet loan, and a GBP0.95 million annual 
revolving credit facility. These will provide the Group with the additional 
working capital, and a more appropriate structure, that will allow us to take 
advantage of the increasing opportunities within the Group for growth, 
particularly internationally. 
 
"The Group's unique strength lies in its proprietary software products, which 
accounted for 44% of revenue but 62% of gross profit in the last financial year. 
 This, allied to our overseas expansion will provide the principal focus for 
future growth. 
 
"We remain confident regarding the outcome for the year". 
 
                                                               24 September 2010 
For further information, please contact: 
 
+------------------------------+------------------------------+ 
| ILX Group plc                | 020 7751 7100                | 
+------------------------------+------------------------------+ 
| Ken Scott, Chief Executive   |                              | 
+------------------------------+------------------------------+ 
| FinnCap                      | 020 7600 1658                | 
+------------------------------+------------------------------+ 
| Marc Young - Corporate       |                              | 
| Finance                      |                              | 
| Tom Jenkins - Corporate      |                              | 
| Broking                      |                              | 
|                              |                              | 
+------------------------------+------------------------------+ 
| Lothbury Financial Services  | 020 7868 2010                | 
| Limited                      |                              | 
+------------------------------+------------------------------+ 
| Michael Padley / Chris       |                              | 
| Roberts                      |                              | 
+------------------------------+------------------------------+ 
 
Editors' Note 
 
ILX Group plc (www.ilxgroup.com) is a leading provider of vocational training to 
the private and public sectors, delivered through  e-learning, and instructor- 
led courses/workshops, and trades through three divisions: 
 
1.        UK Best Practice division delivers e-learning software, instructor-led 
training and implementation consultancy principally to the programme and project 
management, IT service management and business finance markets. 
 
2.        International division mirrors the UK Best Practice activities with a 
stronger emphasis on e-learning software delivery. 
 
3.        Banking & Finance division provides instructor-led training, workshops 
and related services, principally to the investment banking community. 
 
 
 
ENDS 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 AGMGIGDCDBDBGGS 
 

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