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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mkm Group | LSE:MKM | London | Ordinary Share | GB00B013MJ08 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2829N MKM Group PLC 05 February 2008 MKM MKM GROUP PLC ("the Group" or "the Company") Trading Update MKM today announces an update on trading for the Company's financial year to 31 March 2008. On 18 December 2007, when MKM announced its interim results, we stated that we were pleased with the progress we had made both during the period and since completing our acquisitions; Leapfrog and Promodus. We also reported that we were working on a number of major contract discussions but that it was difficult to predict the timing of their successful closure. I am pleased to announce that progress with the integration of our new businesses is proceeding well and, at the end of January, our MKM Concepts business in the UK adopted the Leapfrog name. I am also pleased to report that our new business initiatives remain very encouraging. However, in respect of the major contracts which we were negotiating with a number of clients in the financial services sector in both the UK and Australia, it is now clear that certain clients have delayed the start date of new marketing strategies. As a consequence, significant new revenue, which we had expected to arise in the last quarter of the current financial year, will now fall into the new financial year. Additionally, the Australian business has also suffered from the loss of a major contract in the financial services sector, resulting from a decision by the client to take a significant proportion of the activity in-house. The impact of these changes is that the Group's sales and profits for the current financial year will be below current market expectations. The Group has reviewed its cost base and taken appropriate action to reduce overheads and, in general, tighten operations. The cost of implementing these changes will result in a one-off charge in this year's accounts of approximately £225,000. Executive Director, Victor Koch, will be leaving the Company with immediate effect. The Board would like to thank Victor for his contribution to the Group over many years. Given current management expectations for the year, it is probable that the final payment associated with our acquisition of the Leapfrog business in Australia will involve the payment of a further 4 million ordinary shares and £600,000 in a combination of either cash or shares, at the Company's discretion. Whilst the short term sales position is very disappointing, the new business pipeline across the Group remains strong and we are optimistic that the order intake shortfall will prove to be temporary. Additionally, during the last few months, our Leapfrog UK business has developed a new product under the name of 'Airport Angel'. 'Airport Angel' has been designed to strengthen our product offer within the financial services sector and has been well received by both existing and new clients. Based upon this positive response, the product will be formally launched in April 2008. As Leapfrog targets new business, its focus continues to be on securing long-term loyalty accounts, which are typically for 3 to 4 years, against short-term, tactical marketing campaigns. This focus will create improved earnings visibility. The Board remains committed to its growth strategy and is optimistic about the longer term prospects for the business. Enquiries: MKM Group plc Andrew Johnson, Executive Chairman T: 0161 877 1112 (www.mkmgroupplc.com) Matthew Toynton, Finance Director WH Ireland Limited David Youngman T: 0161 832 2174 Biddicks Katie Tzouliadis T: 020 7448 1000 This information is provided by RNS The company news service from the London Stock Exchange END TSTTIMPTMMTMBBP
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