Annual General Meeting
Spring Group plc the technology staffing and workforce management company, announces that at its Annual General Meeting to be held at 11am today, the Chairman, Amir Eilon, will make the following statement:
In our preliminary results for the year to 31 December 2008 announced on 26 February 2009 we reported that 2008 had been another year of profitable growth in a period of increasingly challenging trading conditions. The Group reported EBITDA of 9.2 million (2007: 8.0 million) and finished the year with 40.3 million cash (2007: 34.4 million).
The global economic recession has continued in the first quarter of 2009 and whilst trading conditions remain challenging, our markets are performing broadly in line with what we anticipated in Q4. With a bias toward contract recruitment, a strong RPO offering and a healthy balance sheet, we are well positioned to weather the current economic conditions and we will continue to look to take advantage of opportunities as they may arise.
We will provide a more detailed update to the market in our interim management statement due in early May 2009.
Steve Fink, a non-executive director and former Chairman of the Group announces his retirement effective from today. Steve has been with the Group for over 10 years holding positions as Chairman of the Group before Chairing the Remuneration Committee and most recently the Audit Committee. I would like to thank Steve on behalf of the Board members and shareholders for the contribution to the Group over his tenure and know he will continue to add value at whatever he chooses to focus on in the future.