Business
Trading Statement
Trading Statement.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n RNS Number : 7693L Upstream Marketing and Comms Inc. 16 January 2009 \n \nUpstream Marketing and Communications Inc.\n('Upstream' or 'the Company')\n\nTrading Update\n\nThe Board of Directors (the 'Board') announces an update on the Company's current trading and progress against its business plan.\n\nFollowing the Company's Interim Results announced on 23 September 2008, which highlighted the uncertainty of the impact of the global economic slowdown, the Company has witnessed a further deterioration in market conditions and now expect operating profit to fall materially below internal management expectations.\n\nIn the results for the full year ended 31 December 2008, which are expected to be announced in June 2009, the Company anticipates reporting a profit before tax, partially attributable to non-recurring revenue from the sale of the Company's Media Services Asia subsidiary in May 2008. However, in the period since the interim results were announced, there has been a significant slowdown in revenue as existing clients and other prospects have held back or reduced their usual communications budgets for Q4 2008. Furthermore our current sales pipeline indicates that this trend will continue throughout 2009. \n\nOn this basis, the Board has commenced the implementation of a number of steps which it believes will enable the Company to deal with the challenging economic environment faced by the Group. These steps include a scaling back of the Company's topline business plan, and a reduction in the Company's cost base primarily through a decrease in headcount across the Group through attrition and the removal of replacements and future hires from the budget. In addition, management is stepping up marketing efforts with a view to improving revenue generation, reducing operational expenses, and monitoring closely the ongoing cashflow requirements of the Group.\n\nGiven these measures and based on the ...