Savile Group PLC Trading Update (5785W)
January 29 2013 - 4:09AM
UK Regulatory
TIDMSAVG
RNS Number : 5785W
Savile Group PLC
29 January 2013
Savile Group plc ("Savile" or the "Company")
Trading Update
Savile, the UK human resources consulting group with a track
record in helping blue chip organisations improve business
performance through the development of their people announces the
following trading update.
The Group experienced difficult trading conditions in the first
half, with like for like income, excluding the CMC acquisition,
around 20% below the same period in 2011 (6% above last year
including CMC), with demand in the first quarter being particularly
slow due to the effect of the Olympics. This continued into the
second quarter, with customers delaying committing to projects. In
addition, reorganisation costs, as further described below, have
added to the loss. Accordingly, the Board expects to report a
significant loss for the 6 months ended 31 December 2012.
As stated in our final results for the year ended 30 June 2012
published in September 2012, since acquiring CMC Limited in May
last year the Group has undertaken a review of all areas of the
CMC, Fairplace and Cedar businesses and has formulated and
implemented a transformation plan to fully integrate operations and
further improve efficiency. The majority of the costs associated
with the plan, including redundancies have been incurred in the
first half of the year.
The poor trading and losses incurred in the 6 month period to 31
December 2012 has impacted the Group's cash at bank.
We are pleased to report that 2013 has started on a more
positive note and the Directors expect improved performance in the
second half of the year to 30 June 2013 compared to the first
half.
The Group expects to release its interim results for the 6
months trading to 31 December 2012 on or around 25th March
2013.
Enquiries
Savile Group plc 020 7204 6990
Jonathan Cohen, Senior Executive
Director
Mark Sidlin, CFO
Cairn Financial Advisers LLP 020 7148 7900
Tony Rawlinson
Avi Robinson
This information is provided by RNS
The company news service from the London Stock Exchange
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