Business
Pre-close Trading Statement
Pre-close Trading Statement.
About this update from Theracryf Plc
[{"type":"text","content":"\n RNS Number : 8974M Evolution Group PLC 06 February 2009 \n \n\nEmbargoed until 07.00: 6 February 2009\n\nThe Evolution Group Plc\n(the \"Evolution Group\", the \"Group\", the \"Company\")\nPre-close Trading Update \n\nEvolution Group, the listed investment bank and private client investment management group, today issues its pre-close trading update for the financial year ending 31 December 2008.\n\nGroup and divisional performance \n\nThe Group's profit1 performance in 2008 is in line with market expectations and the outlook remains unchanged from that provided in our Interim Management Statement on 13 November 2008.\n\nThe Group intends to issue its results for the 12 months to 31 December 2008 on 8 April 2009 and will circulate its Annual Report and Accounts to shareholders on that date. The Group does not intend to issue a preliminary results announcement. \n\nUpdate on acquisition of Singer and Friedlander Investment Management (\"SFIM\") team\n\nAs announced on 21 October 2008, Williams de Broë2 reached agreement with the administrators of Kaupthing Singer & Friedlander Limited (in administration) (\"KSF\") and certain subsidiaries of KSF to acquire the investment management team of SFIM.\n \nThe SFIM team was successfully integrated into Williams de Broe in January 2009. We have been delighted with the professionalism and quality of our new colleagues and clients.\n \nThe total value of client assets transferred was £1.1bn, significantly above our initial expectations and we continue to believe this acquisition will be accretive in 2009.\n\nOutlook\n\n2009 will continue to be a year of much uncertainty and will present significant challenges to the financial sector. We are pleased to report that annualised trading across the Group based on January has been above 2009 consensus estimates. Revenues and operating profits have been earned from our three core recurring revenue streams, notably investment management, equities and fixed income. These have all performed strongly in January. We are conscious that January may not be representative of 2009 as a whole, however, the year has started well, and the Group will, as ev...