4th Dec 2009 07:00
Interior Services Group plc
("ISG" or "the Group")
AGM Statement and Trading Update
Roy Dantzic, Chairman of ISG, will make the following statement at the company's AGM which will be held later today.
"The Group is performing well and in line with the Board's expectations, helped by its strategy of diversifying the business by activity, sector and geography.
"Demand for our London fit out services is starting to recover. Allocations for the calendar year 2010 under the framework agreements with our Food and Banking Retail customers are strong. Our Regional Construction businesses will have a strong current year, but are likely to see reduced activity going into the next financial year.
"In Western and Eastern Europe our blue chip international clients are recommencing their investment plans, albeit at a slower rate than previously anticipated. Our key Asian markets should deliver organic growth on the back of strengthening economic activity. As a result our overseas businesses have seen some slippage of their order books which will result in a heavier weighting of activity towards the second half of our current financial year. We will continue to search out opportunities overseas in order to provide a wider and deeper offering to our international office and retail client base.
"The Group's current order book is £755 million (June 2009 - £822 million), of which £500 million is for delivery in the current financial year and £240 million in the next financial year. ISG's balance sheet remains sound and we expect to finish the half year with cash balances in line with prior year. Whilst our markets remain highly competitive, there has been no change to our expectations and confidence for the full year".
Shareholders will next be updated on the Group Interim results for the 6 months to 31 December 2009 in March 2010.
- ends -
4 December 2009
Enquiries:
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Interior Services Group plc |
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David Lawther, Chief Executive |
020 7392 5307 |
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Jonathan Houlton, Group Finance Director |
020 7392 4905 |
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Numis Securities Limited |
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Nominated Advisor: Michael Meade/Simon Blank |
020 7260 1000 |
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Corporate Broking: Rupert Krefting |
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College Hill |
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Matthew Smallwood |
020 7457 2020 |
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Adam Aljewicz |
Related Shares:
ISG.L