1st Aug 2005 07:01
Huntsworth PLC01 August 2005 HUNTSWORTH PLC Pre close season Update The merger of Huntsworth and Incepta was completed on 29 April 2005. Huntsworthwill announce interim results before mid October which will include six monthsof Huntsworth trading and two months of Incepta. This announcement is a pre-close update for the interim period and the Boardintends to make similar announcements every six months. The main points are: • Interim results to exceed market expectations • New banking arrangements confirmed • Strategic Review near completion • Cost saving estimate conservative Profits (continuing operations before exceptional items, goodwill and tax) forthe six months to June 30 2005 are expected to be comfortably ahead of marketforecasts. "The strength of these results comes from good trading right across the Group",said Lord Chadlington, Chairman, "but there have been outstanding performancesby the UK consumer PR businesses - particularly Grayling and Red - and in the USan excellent contribution from Citigate Sard Verbinnen. Citigate Dewe Rogersonhas made an excellent start. "The Marketing Services companies have also made a strong contribution to theprofits of the Group." The Group's new clients include Chevron, European Diagnostics, Polaroid, UKAtomic Energy Authority and Whirlpool. The Group now has two bankers - Lloyds TSB Bank plc and The Royal Bank ofScotland - and facilities of £95 million are in place until April 2008. The Strategic Review, which will be presented as part of the announcement of theinterims, is largely completed. It will include proposals to reorganiseexecutive management, simplify central and regional structures, and provideshorter reporting lines, which will devolve responsibility to operatingcompanies from a significantly smaller Head Office. The Board is confident that when these changes are implemented, the originalestimate of cost savings of not less than £2.5m per annum - forecast at the timeof the merger - will prove to be conservative. "We look to continued progress in integrating these two businesses in the secondhalf" concluded Lord Chadlington. 1st August 2005 Enquiries: Lord Chadlington, Executive Chairman (020) 7408 2232Roger Selman, Finance Director (020) 7408 2232Patrick Toyne-Sewell, Citigate Dewe Rogerson 07767 498195 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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