24th Nov 2005 11:00
Fairplace Consulting PLC24 November 2005 Announcement by the Board of Directors of Fairplace Consulting plc ("the Company") AGM Statement - Trading update and Board appointment At the Annual General Meeting to be held at 11.00 a.m. today the Chairman of theCompany, Mark Allsup, will make the following statement: Further to the announcement on 9 November 2005, demand for the Company's Cityoutplacement services remains weak. The Board now anticipates that the operatingloss before goodwill for the six months to 31 December 2005 will be in excess ofthe operating loss for the first half of last year. Although it is too early tobe clear about the outlook for the second half, and no early upturn in the Cityoutplacement market is foreseen, a number of major new projects elsewhere in theUK are expected to come on-stream in the third quarter. In addition, while therate of growth in talent management revenues has been slower than planned, theBoard remains confident of an increased contribution from these services in thesecond half. The Board is delighted to announce the appointment of Ken Brotherston as anon-executive director with effect from 1 December 2005. Mr. Brotherston's rolewill be to assist the Board with development and implementation of strategy,including achieving an appropriate capital structure and accelerating the growthof the business. Mr. Brotherston's career has included seven years with Korn/Ferry, one of theworld's largest search firms, where he was initially Managing Director of K/FSelection and subsequently President of Futurestep and a member of the firm'sglobal operating committee. Most recently he was Executive Chairman of MorganMcKinley Group, a leading private UK recruitment company specialising in thefinancial services sector. Mr. Brotherston was appointed Chairman of MorganMcKinley Group by 3i in 2002 and returned the company to profitability beforeconcluding a successful trade sale to Imprint plc in April, 2005. Mr. Brotherston has indicated that he intends to participate in the proposedplacing of new ordinary shares to directors, employees and associateconsultants. Christopher Hoysted, who has served as a non-executive director since 2000, didnot stand for re-election at today's Annual General Meeting and steps down fromthe Board with immediate effect. The Company wishes to record its appreciationof his valuable contribution over the past five years. In the past five years Kenneth Brotherston, 41, has been a director of Korn/Ferry UK Limited, Futurestep UK Limited and Morgan McKinley Group Limited, andhe is currently a director of B Enterprise Limited. There are no furtherdisclosures to be made in relation to his appointment under Schedule 2paragraph G of the AIM rules. Enquiries: Mark Allsup, Chairman 020 7816 0707Fairplace Consulting plc Mark Baker / Brian Thorn 020 7845 7900The Wriglesworth Consultancy This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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