10th Aug 2006 10:30
Parkmead Group (The) PLC10 August 2006 The Parkmead Group plc ("Parkmead" or the "Group") Trading Statement Parkmead is today issuing an update on trading ahead of its preliminary resultsfor the year ended 30 June 2006, which will be announced in October 2006. • The Group has substantially implemented the restructuring plansannounced on 13 January 2006. In particular the cost base at Parkmead has beenreduced with the result that the Corporate Finance Division of the Group hasmade significant progress towards profitable trading. • Quayside Corporate Services Limited ("Quayside"), acquired in Februarythis year, has been fully integrated into the Group. Since its acquisition,Quayside has been trading profitably and in line with Directors' expectationsand is providing deal flow through to the wider Group. • On 5 April 2006 the Group announced that the proposed sale of theportfolio would not proceed. Subsequent to this the Group has pursuedalternative strategies including the disposal of some of its portfoliocompanies. • The trading performance of Audio Visual Machines Limited, a 54%subsidiary of the Group, is significantly ahead of its prior year performancewith turnover having increased to £7.9m (2005: £4.0m for the fifteen monthsended 30 June 2005) and has traded profitably throughout the year. • Trading in Yospace Technologies Limited ("Yospace"), a 54% subsidiaryof the Group, has also improved significantly. Yospace's turnover for the yearended 30 June 2006, that will be consolidated in to the Group, amounted to £1.9m(2005: £1.2m). Yospace has traded positively at the operating level over thesix months ended 30 June 2006. Commenting, Chief Executive of the Group, Niall Doran, said: "We have implemented our restructuring plans and are now concentrating onbuilding our corporate finance and advisory team. The acquisition of Quaysidehas fitted very well into the Group and is already beginning to demonstratesynergies at the revenue level. The Group is now well placed to build asustainable and profitable business." Enquiries: The Parkmead Group plc 020 7494 3080Niall Doran, Chief Executive OfficerGordon Ashworth, Chief Financial Officer Madano Partnership 020 7593 4000Matthew Moth / Toby Wilkinson This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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