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OPD Group - Interim Management Statement

OPD Group - Interim Management Statement

OPD Group plc ("the Group"), the recruitment services organisation, is today issuing an Interim Management Statement covering the period from 1 January 2010 to 18 May 2010.

Net Fee Income ("Gross Profit or NFI") for the OPD Group (PSD and Hoggett Bowers) for the first four months of 2010 was down 3% compared to the comparative period for 2009.

On 8 January 2010 OPD Group disposed of 50.1% of Odgers and now owns 49.9% of this business. The NFI of Odgers for the first four months of 2010 was up 9% compared to the comparative period for 2009.

The cost reduction plan implemented last year has reduced the Group's cost base and the Group has traded profitably for the first four months of 2010.

In the preliminary announcement published on 23 April 2010 the Group announced that it was discussing with senior management of PSD and Hoggett Bowers the possibility of the management team acquiring a significant holding in these businesses. These discussions are still ongoing and a further announcement will be made at the appropriate time.

As announced on 30 April 2010, it is the Company's intention to put a resolution to shareholders to cancel the listing of the Company's shares on the Official List and their admission to trading on the main market of the London Stock Exchange. The Board is working on these proposals and a further announcement will be made in due course.

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