Business
Trading Statement
Trading Statement.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n Parkmead Group (The) PLC\n10 August 2006\n\n\n\n The Parkmead Group plc ('Parkmead' or the 'Group')\n\n Trading Statement\n\n\nParkmead is today issuing an update on trading ahead of its preliminary results\nfor the year ended 30 June 2006, which will be announced in October 2006.\n\n\n• The Group has substantially implemented the restructuring plans\nannounced on 13 January 2006. In particular the cost base at Parkmead has been\nreduced with the result that the Corporate Finance Division of the Group has\nmade significant progress towards profitable trading.\n\n\n• Quayside Corporate Services Limited ('Quayside'), acquired in February\nthis year, has been fully integrated into the Group. Since its acquisition,\nQuayside has been trading profitably and in line with Directors' expectations\nand is providing deal flow through to the wider Group.\n\n\n• On 5 April 2006 the Group announced that the proposed sale of the\nportfolio would not proceed. Subsequent to this the Group has pursued\nalternative strategies including the disposal of some of its portfolio\ncompanies.\n\n\n• The trading performance of Audio Visual Machines Limited, a 54%\nsubsidiary of the Group, is significantly ahead of its prior year performance\nwith turnover having increased to £7.9m (2005: £4.0m for the fifteen months\nended 30 June 2005) and has traded profitably throughout the year.\n\n\n• Trading in Yospace Technologies Limited ('Yospace'), a 54% subsidiary\nof the Group, has also improved significantly. Yospace's turnover for the year\nended 30 June 2006, that will be consolidated in to the Group, amounted to £1.9m\n(2005: £1.2m). Yospace has traded positively at the operating level over the\nsix months ended 30 June 2006.\n\n\n\nCommenting, Chief Executive of the Group, Niall Doran, said:\n\n\n'We have implemented our restructuring plans and are now concentrating on\nbuilding our corporate finance and advisory team. The acquisition of Quayside\nhas fitted very well into the Group and is already beginning to demonstrate\nsynergies at the revenue level. The Group is now well placed to build a\nsustainable and profitable business.'\n\n\n\nEnquiries:\n\n\n\nThe Parkmead Group plc 020 7494 3080\nNiall Doran, Chief Executive Officer\nGordon Ashworth, Chief Financial Officer\n\n\nMadano Partnership 020 7593 4000\nMatthew Moth / Toby Wilkinson...