Savile Group PLC Trading Update (5785W)

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RNS Number : 5785W

Savile Group PLC

29 January 2013

Savile Group plc ("Savile" or the "Company")

Trading Update

Savile, the UK human resources consulting group with a track record in helping blue chip organisations improve business performance through the development of their people announces the following trading update.

The Group experienced difficult trading conditions in the first half, with like for like income, excluding the CMC acquisition, around 20% below the same period in 2011 (6% above last year including CMC), with demand in the first quarter being particularly slow due to the effect of the Olympics. This continued into the second quarter, with customers delaying committing to projects. In addition, reorganisation costs, as further described below, have added to the loss. Accordingly, the Board expects to report a significant loss for the 6 months ended 31 December 2012.

As stated in our final results for the year ended 30 June 2012 published in September 2012, since acquiring CMC Limited in May last year the Group has undertaken a review of all areas of the CMC, Fairplace and Cedar businesses and has formulated and implemented a transformation plan to fully integrate operations and further improve efficiency. The majority of the costs associated with the plan, including redundancies have been incurred in the first half of the year.

The poor trading and losses incurred in the 6 month period to 31 December 2012 has impacted the Group's cash at bank.

We are pleased to report that 2013 has started on a more positive note and the Directors expect improved performance in the second half of the year to 30 June 2013 compared to the first half.

The Group expects to release its interim results for the 6 months trading to 31 December 2012 on or around 25th March 2013.

 
 Enquiries 
 
 Savile Group plc                    020 7204 6990 
 Jonathan Cohen, Senior Executive 
  Director 
 Mark Sidlin, CFO 
 
 Cairn Financial Advisers LLP        020 7148 7900 
 Tony Rawlinson 
 Avi Robinson 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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