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OPD Expects A Loss

OPD Expects A Loss

OPD, has announced a trading update covering the period from 1 January 2009 to 30 June 2009.

As stated in the Company's Interim Management Statement published on 15 May 2009, net fee income declined by 25 per cent for the first four months of this year. For May and June the net fee income was down 30 per cent on May and June 2008 and for the first six months of the year aggregate net fee income was down 28 per cent compared to the comparative period for 2008.

Trading conditions remain very challenging, the Group continues to reduce costs with headcount falling by 110 since the beginning of the year to 640. The one off costs associated with reducing headcount are expected to give rise to an operating loss for the first six months of the year

In the Interim Management Statement, the Company commented that the Board may need to seek additional funding through an equity issue which could be material in the context of the Company's current equity valuation. This course of action is currently under consideration, together with an alternative strategy of raising additional funding through the disposal of part of the equity in its operating subsidiaries to their management teams.

The Group's results for the six months ended 30 June 2009 will be announced in late August.

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