26th Jan 2011 07:00
26 January 2011
Savile Group plc ("Savile" or the "Company")
Trading Update, Director Resignation and notice of results
The Board of Savile Group plc (SAVG.L), the AIM quoted human resources consulting group provides the following update on trading for the six months ended 31 December 2010.
In the first half of the financial year, three of the Group's businesses, including the newly acquired 7 Days, have made positive contributions but the outplacement business has continued to suffer in difficult market conditions and this has resulted in an overall loss for the first six months. The expected business from the public sector has not yet materialised as decisions at both a local and central government level have yet to be finalised and actioned. The Company is aware that it may have a potential provision of £125k against an operational investment in this area. If this were not recovered it would impact on full year results.
Following this disappointing performance, the Board have carried out a thorough review of all aspects of the Group and a subsequent restructuring is under way. The Board expects a better second half to the year which will include a full contribution from 7 Days. Accordingly the Board still anticipates results, before exceptional items (largely acquisition and reorganisation costs) for the year to 30 June 2011 to be in line with market expectations.
The Board also wishes to announce that Michael Moran will be stepping down from the board. The Board wishes to thank Michael for his hard work during his time with the Group.
The Company will announce its interim results to 31 December 2010 on 22 February 2011.
For further information, please contact:
Savile Group plc 020 7204 6990
Jonathan Cohen, Chairman
Mark Sidlin, CFO
FinnCap 020 7600 1658
(Corporate Finance)
Geoff Nash
Ben Thompson
(Corporate Broking)
Tom Jenkins
Related Shares:
Ls -3x Avgo