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Savile Group plc - Trading Statement

Savile Group plc - Trading Statement
The Board of Savile Group plc announces that the Group expects a pre tax profit at the lower end of market expectations for the year ended 30th June 2010. Whilst the benefits of the Board's rigorous review of costs undertaken in the year had an impact on the financial year just ended, the full effect of these changes will be reflected in the current financial year, which we enter with a significantly reduced cost base.
Although the trading environment for the Group's services remains challenging, the Group commences its new financial year with a strong balance sheet - in excess of 3.5m in cash (equivalent to 24 pence per share) - and is well positioned to provide its range of services to both the public and private sectors.
The Board is looking to invest in strategic areas such as Public Sector as evidenced by the recent appointment of David Bolger as Head of Public Sector. Savile Group is also sponsoring a session introduced by Sir Gus O'Donnell, Head of the Civil Service, at this week's Civil Service Live conference, on 'Downsizing in the Public Sector'.
Given the opportunities for the Group, and its realigned cost base, the Board expects a continued improvement in performance for the year to 30th June 2011. The Board intends to continue its policy of paying dividends to shareholders which reflect the trading performance of the Group and proposes to cancel the treasury shares currently held and to seek authority at the next AGM to purchase up to a further 10% of shares in issue.
The Group's preliminary results will be released in September 2010.

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