Parkmead Group (The) PLC
10 August 2006
The Parkmead Group plc ('Parkmead' or the 'Group')
Trading Statement
Parkmead is today issuing an update on trading ahead of its preliminary results
for the year ended 30 June 2006, which will be announced in October 2006.
• The Group has substantially implemented the restructuring plans
announced on 13 January 2006. In particular the cost base at Parkmead has been
reduced with the result that the Corporate Finance Division of the Group has
made significant progress towards profitable trading.
• Quayside Corporate Services Limited ('Quayside'), acquired in February
this year, has been fully integrated into the Group. Since its acquisition,
Quayside has been trading profitably and in line with Directors' expectations
and is providing deal flow through to the wider Group.
• On 5 April 2006 the Group announced that the proposed sale of the
portfolio would not proceed. Subsequent to this the Group has pursued
alternative strategies including the disposal of some of its portfolio
companies.
• The trading performance of Audio Visual Machines Limited, a 54%
subsidiary of the Group, is significantly ahead of its prior year performance
with turnover having increased to £7.9m (2005: £4.0m for the fifteen months
ended 30 June 2005) and has traded profitably throughout the year.
• Trading in Yospace Technologies Limited ('Yospace'), a 54% subsidiary
of the Group, has also improved significantly. Yospace's turnover for the year
ended 30 June 2006, that will be consolidated in to the Group, amounted to £1.9m
(2005: £1.2m). Yospace has traded positively at the operating level over the
six months ended 30 June 2006.
Commenting, Chief Executive of the Group, Niall Doran, said:
'We have implemented our restructuring plans and are now concentrating on
building our corporate finance and advisory team. The acquisition of Quayside
has fitted very well into the Group and is already beginning to demonstrate
synergies at the revenue level. The Group is now well placed to build a
sustainable and profitable business.'
Enquiries:
The Parkmead Group plc 020 7494 3080
Niall Doran, Chief Executive Officer
Gordon Ashworth, Chief Financial Officer
Madano Partnership 020 7593 4000
Matthew Moth / Toby Wilkinson
This information is provided by RNS
The company news service from the London Stock Exchange