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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mice Grp. | LSE:MEG | London | Ordinary Share | GB0006064751 | ORD 4P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5241W Mice Group PLC 14 May 2007 MICE Group Plc Trading Update and Board Change The Board of MICE Group Plc ("MICE") is providing a further update to the trading announcement issued on 26 April 2007. International Performance in the International Division for the year to 28 February 2007 was in line with expectations with a strong pipeline of opportunities for the current financial year. UK The review of the results of the work in progress valuation exercise in the UK Division is continuing and the write down in carrying value that will be required is not expected to exceed #15.0m. Whilst significant actions to address controls are being implemented the Board also confirms that it has been undertaking a fundamental review of the UK Division in order to restore profitability. The outcome of this review is a decision to close or sell certain operations following an attempt to sell the Division as a whole during the year. An exceptional charge of approximately #6.0m will be included in the results for the year ended 28 February 2007 largely relating to a write off of fixed assets. North America Paul Mullen will leave the Board of MICE with immediate effect. The Board would like to thank Mr Mullen for his contribution to the business and wish him continued success in the future. Mr Mullen's operational duties will be taken over by Herb Hite, General Manager of the West Coast operation. The results of the North America Division for the year ended 28 February 2007 will be below previous expectations but will still report a profit in excess of #1.0m. The Board is now taking actions, which are expected to be substantially completed by the half year, to restructure certain operations in North America to create a more focussed marketing services offer. Goodwill As a result of the various restructuring actions the Board will be carrying out a re-assessment of the value of goodwill in the Group's balance sheet and anticipates a non-cash exceptional impairment charge of #9.0m to be reported in the year ended 28 February 2007. Debt Group debt at 28 February 2007 was #64.2m with the increase since the half year primarily driven by a cash outflow from operating activities in the UK Division. Post the year end, the Group received net proceeds of #17m from the sale of the leisure assets and the property sale and leaseback which reduced the normal cash outflow in the first few months of the current financial year. Net debt is currently #55.0m. The Board will continue to explore strategic options aimed at further significant debt reduction. Outlook The Board believes that the restructuring actions that are underway, which will adversely impact the results for the year ending 28 February 2008, will create a stronger more cash generative marketing services business better able to achieve profitable growth. For further information: HeadLand Consultancy Tel: 0207 367 5222 Laura Hickman/Tom Gough This information is provided by RNS The company news service from the London Stock Exchange END TSTSFUFSLSWSESI
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