9th Feb 2005 07:00
P&MM Group PLC09 February 2005 P&MM Group plc Trading Update and Acquisition P&MM Group plc ("P&MM" or "the Group"), (LSE:PMM), a leading marketing servicescompany providing incentive and motivation services to a range of UK andinternational clients, is pleased to announce a trading update ahead of itspreliminary results for the year ended 31 December 2004, which will be issued inMarch 2005, and the completion of its first acquisition since admission totrading on AIM in August 2004. Trading update P&MM continued to benefit from positive trading conditions in the second half of2004. Consequently, the Group's operating profit will exceed marketexpectations. Group revenues for the year ended 31 December 2004 are estimated to bematerially ahead of broker forecasts. Unaudited Group operating profits beforeamortisation are estimated to have increased by approximately 50% and areanticipated to be in the region of £1.65 million (2003: £1.1 million on a proforma basis). Taking account of the Group's current order book and prospects, the directorsconsider that P&MM's businesses are well positioned for further growth in 2005. Acquisition of AYM Services Limited P&MM today also announces that it has completed the acquisition of AYM ServicesLimited ("AYM") on 8 February 2005. AYM is a performance improvement agency thatprovides motivation and incentive programmes, incentive travel and conferenceproduction management to corporate clients. P&MM has paid a cash consideration of £682,000 for the entire issued sharecapital of AYM. AYM had net assets of approximately £518,000 and a loss beforetax of approximately £87,000 for the year ended 31 December 2003. It iscurrently anticipated that AYM will enhance the Group's earnings for the yearending 31 December 2005. P&MM wins top industry awards On 21 January 2005 P&MM won the overall Platinum Grand Prix Award and 4 GoldAwards at the annual Incentive Travel and Meetings Association (ITMA) awards.These awards are the UK's premier awards for one of the key business divisionsof the group. This success follows previous Platinum Awards in 2004 and 2003 - aunique achievement in the history of the ITMA awards. Commenting, P&MM Chairman Colin Lloyd, said: "I am delighted with the 2004 performance of the Group and our prospects for2005. I am also pleased to welcome the AYM team. This acquisition is animportant step in the development strategy that we presented to investors at thetime of our listing. The acquisition of a company with the reputation of AYMwill add to the Group's position in the UK market and add important blue chipclients. Also winning the top awards in our industry over the last three yearsis a reflection of the quality of the Group's product offering and thededication of our people". Contact: P&MM Group plc 01908 608000Sue Hocken, Finance Director Binns & Co PR Ltd 020 7786 9600Peter Binns ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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