ILX Group PLC Restructuring Programme (7332S)

TIDMILX

RNS Number : 7332S

ILX Group PLC

04 December 2012

4 December 2012

ILX Group plc

("ILX" or "the Company")

Restructuring programme

ILX Group plc (AIM: ILX), the AIM quoted provider of e-learning software and business training, announces a restructuring programme aimed at achieving cost improvements, positioning the Company for future profitability.

A thorough internal review of the business has identified several opportunities to reduce costs that will translate into profitability. The management team has also tightened up a number of business processes and eliminated certain operating expenses and capital expenditure that have demonstrated either insufficient return or none at all. The consequence of which is that a number of roles have been put at risk.

In addition, management has implemented enhanced controls to achieve greater accountability, and introduced a tight budget for future financial management.

Furthermore, there is scope for additional growth through acquisition and a small number of opportunities have already been identified. The first of these is currently under consideration.

The Company is also considering its options to raise additional funding and the board is confident of its ability to secure it from identified sources.

Wayne Bos, Executive Chairman, said: "Operationally, ILX is a well developed business, with an excellent range of software and e-learning products and a strong, supportive customer base. While we are working from a solid foundation, there is considerable scope for improvement. We have now set in train the measures we feel are necessary to achieve that.

"ILX's digital learning solutions and technology platform continue to be improved and provide a highly efficient and cost effective solution. Demand for project and programme management training remains high. The potential of the current ILX business remains strong."

For further information please contact:

 
 ILX Group plc                                          020 7751 7100 
 Wayne Bos, Executive Chairman 
 FinnCap                                                020 7220 0500 
 Marc Young / Charlotte Stranner 
 Allerton Communications                                020 3137 2500 
 Peter Curtain                      [e-mail] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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