AGM Statement

 

TIDMRLX 
 
RNS Number : 3455N 
Relax Group PLC 
16 February 2009 
 

 
 
For release at 07.00 Monday Feb 16 2009 
 
 
Relax Group plc (or 'the Company') 
 
 
Relax Group plc 
AGM Statement 
 
 
At the Company's AGM to be held this morning the Chairman, Mr Bernard Asher, 
will deliver the following statement. 
 
 
"Last year was a year of evolution for the Company following the restructuring 
of its business model thanks to two major acquisitions, PB Recovery in February 
and Relax Finance in May. As a result of the latter we welcomed three new 
executive directors to the Board, Ian Guy, Carl Kroger and Trevor Moore, who 
have significantly strengthened the management team. These acquisitions 
considerably expanded the depth of our product offering, and improved the 
effectiveness of our systems in many key areas; IT, our operational and 
management teams and in new business acquisition. 
 
 
As a result we have implemented a series of cost savings, internal process and 
efficiency changes and forged commercial relationships with several blue chip 
referral partners. These changes have improved conversion levels within the 
business, reduced processing costs and improved our cash collection. Furthermore 
we have significantly reduced our marketing spend whilst increasing the volume 
of new business. 
 
 
The current year has started well and the first half is up to our best 
expectations. The economic background has meant that demand for our services has 
been strong. The improvements made to our database of individual contacts and IT 
systems have driven down the costs of acquiring new business and we have also 
been able to utilise them more efficiently and effectively.  As in previous 
years we expect our profitability to be skewed towards the second half of the 
year. In order to give a better indication at the interim stage of the full year 
outcome the Board has been considering possible changes to the reporting dates 
and we will be reviewing the options and their implications. 
 
 
There are a number of potentially exciting new areas of activity which are being 
pursued and about which I hope to report in due course. In addition we continue 
to seek out and monitor a wide range of acquisition possibilities. Overall your 
Board is very optimistic about the outlook for the Company and confident of 
meeting analysts' forecasts for the current year. 
 
 
Once again I should like to thank your Chief Executive, Paul Carter, the newly 
appointed executive team and all staff for their hard work and considerable 
achievements." 
 
 
 
 
Bernard Asher 
 
 
Chairman 
February 16th 2009 
 
 
 
 
 
 
 
 
Enquiries: 
 
 
 
 
Paul Carter 
 
 
Relax Group plc      01246 561156 
 
 
 
 
Chris Steele    07979 604 687 
 
 
Adventis Financial 
 
 
Tarquin Edwards    020 7034 4758 
 
 
 
 
Mark Percy 
 
 
Seymour Pierce     020 7107 8000 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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