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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bus.Sys.Grp | LSE:BSG | London | Ordinary Share | GB0008222043 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1362V Business Systems Group Hldgs PLC 26 April 2002 BSG Holdings Plc ("the Group") Trading Statement In the Group's trading statement of 18 September 2001, the Board set the Group some clear targets; namely for both Business Systems Group Limited and Webgenerics Limited to reach a cash break-even run rate position by the financial year end, 31 March. The Group is pleased to announce reduced trading losses in the second half of the year. A material improvement in trading performance has been achieved with both companies breaking even at the EBITDA level in the month of March. The improved trading levels ensured that the Group's cash balance of in excess of £8 million at the financial year end remained higher than expected. The overall improvement in trading has been achieved through a combination of cost cutting and a number of significant new contract wins with combined revenue of £6.2 million - half of which will be recognised in the 2002/03 financial year. However, in recognition of the importance of the Group becoming cash generative, it has become clear that because utilisation and visibility of earnings in the Consulting division remain weak, further action must be taken if the Group is to continue to improve its trading performance. Consequently, the Board has taken the decision to make a further 15 redundancies in this division, leaving a total staff of 40 within the Consulting division to deliver existing and prospect for future contracts. In terms of Webgenerics' product sales, despite slower than anticipated sales of dotEncrypt, the Board is pleased to note the successful use of dotEncrypt technology by on-line publishers and the implementation of a commercial pilot of the dotEncrypt e-mail product. Whilst this is positive news, current revenues from the dotEncrypt products are still not significant. The second half of the year has seen new contract wins for over £1m in the managed hosting business which means that Webgenerics is no longer a cash burden to the Group. The Group expects to announce its full year results for the year ended 31 March 2002 on 17 June 2002. Enquiries BSG Holdings Plc Nick Gerard, Group Chief Executive Tel: 020 7880 8888 James Wheaton, Finance Director Buchanan Communications Tim Thompson Tel: 020 7466 5000 Catherine Miles This information is provided by RNS The company news service from the London Stock Exchange
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