8th Oct 2007 07:01
Avesco Group PLC08 October 2007 For Immediate Release 8 October 2007 Avesco Group plc Trading Update for the year to 30 September 2007 Avesco Group plc ("Avesco"), the provider of services to the corporatepresentation, entertainment and broadcast markets, announces a Trading Updatefor the year to 30 September 2007. Ian Martin, Chief Executive, commented; "I am pleased to report that, underlyingtrading in the Group's core businesses since the merger between InvestinMediaplc and Avesco plc in May 2007 has been ahead of market expectations,particularly in our largest division, Creative Technology and our full servicebusiness in Holland, JVR. "The receipt of additional consideration in respect of a completion accounts'adjustment relating to the sale of the Group's interest in CompleteCommunications Corporation Ltd has substantially offset the write off in respectof the Group's interest in Medal Entertainment & Media plc, which went intoadministration in July, and the loss on disposal of the Group's interest in2waytraffic N.V. which raised £1.45 million cash before expenses. "When the effects of the better underlying trading and these exceptional itemsare combined, I expect the Group's overall profit for the year to 30 September2007 to be in line with market expectations. "Initial trading in Creative Technology's new Dubai operation has beenencouraging and the new Shanghai office will commence trading in the next fewweeks. Presteigne has continued to expand its operations with the opening of itsfirst office in Holland and a second German office in Munich. Further newopenings are planned for elsewhere during the current financial year. FountainStudios started the current year strongly with high utilisation levels includinga new series of "The X Factor" television show. "The outlook for the year to 30 September 2008 is encouraging, with a number ofmajor international sporting events scheduled for later in the financial year.Although very early days, the year has begun well and prospects remainpositive." Preliminary results for the year to 30 September 2007 are expected to beannounced in mid-December About AvescoAvesco is a media services business employing some 580 people and operatingmainly in the UK, mainland Europe and North America. Its three principaldivisions comprise Creative Technology, Full Service and Broadcast Services. For further information please contact: Avesco Group plc Tel: 01293 583400an Martin, Chief ExecutiveJohn Christmas, Finance Director Weber Shandwick Financial Tel: 020 7067 0700Terry Garrett, John Moriarty, JM Finn Capital Markets Limited Tel: Tel: 0207 600 1658Clive Carver, Charles Cunningham, Edward Frisby This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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