3rd Jan 2006 08:30
iimia Investment Group plc3 January 2006Trading Statementiimia Investment Group plc ("iimia" or the "Group"), the Exeter-based financialservices group, is issuing this trading update prior to entering the closeperiod before the announcement, expected to be by the end of March 2006, of itspreliminary results for the year ended 31 December 2005.Overview * Group traded profitably in the second half and for the year as a whole * Intelli acquisition completed successfully at the end of September * Cost cutting exercise referred to in interim report has been implemented with positive results Trading updateGenerally, market conditions have provided a more favourable backdrop to theGroup's activities. Furthermore, the Directors have been able to concentratetheir focus more on the future development of the Group after a period ofdistraction caused by legacy issues.Investment Servicesiimia continues to enjoy good investment performance, enabling the fundmanagement division to accrue meaningful performance fees. This has beenassisted by increasing inflows into the Group's OEICs. The Directors believethat the cost base in the Group's retail business is now more suited toactivity levels.Administration ServicesSinclair Henderson continues to win new business, although it is still managingthe loss of business arising from the liquidation of a number of split capitalinvestment trusts. Furthermore, as a result of a takeover by an internationalbank, a significant client has given notice to terminate its administrationcontract. The Administration business, therefore is looking to develop newsources of business, such as in Guernsey, where Sinclair Henderson has beenauthorised to conduct business by the Guernsey Financial Services Commission.Corporate FinanceSince its acquisition at the end of September, Intelli Corporate Finance hastraded very profitably generating significant revenues from a number ofsuccessful assignments.OutlookThe contribution made to the Group's profitability in the second half byIntelli together with the improvement in the rest of iimia's businesses, willenable the Group to report a profit for the year ended 31 December 2005.iimia expects to make further progress in 2006, while continuing to develop itsexisting businesses and taking an opportunistic approach to value addingopportunities.Further information on iimia can be found atwww.iimia.co.ukEnquiries:iimiaMichael Phillips Chief Executive 07973 141998William Long Chairman 01392 475951BroadgateRoland Cross 020 7726 6111ENDIIMIA INVESTMENT GROUP PLCRelated Shares:
Intuitive Investment Group