23 January 2009
The Company is now able to update the market on its performance up to the end of the third quarter of its financial year.
Consolidated Group sales and pre-tax profits (unaudited and prior to amortisation of goodwill) for the nine months ended 31 December 2008 were as below:
Group sales and other income: GBP 3,743,412 (GBP 3,676,519 for the comparative period last year).
Pre-tax profits: GBP 313,013 (GBP 555,108 for the comparative period last year).
Net assets stood at GBP 4,871,000 of which cash was GBP 879,742.
Commenting on Group performance, CEO Stephen King said: 'We have had a tougher third quarter than anticipated, with December being particularly difficult. Whilst revenues are marginally higher, the general economic downturn and aggressive pricing by some competitors has impacted upon the margins we are able to achieve. On a positive note, we continue to remain profitable as a Group. Each subsidiary is actively adopting cost-saving measures, but it will take time for the effect of this to flow through. Against this backdrop it is difficult to forecast too far ahead, however, we still expect full year revenues of around GBP 5,000,000. Profit before tax and amortisation of goodwill etc is likely to be circa GBP 500,000'.
For further information please contact:
Stephen King 01622 717700
Ruegg & Co Limited
Gavin Burnell 020 7584 3663
Hichens, Harrison & Co plc
Daniel Briggs 020 782 7776