CB. Cbg Group

TIDMCB.

RNS Number : 1407Y

CBG Group Plc

17 December 2010

17 December 2010

CBG GROUP PLC

("The Company")

(AIM: CB.)

PRE CLOSE TRADING STATEMENT / TRADING UPDATE

CBG Group plc, the Manchester based insurance broker and financial services specialist, provides the following update on Group trading for the year ending 31 December 2010, prior to entering its close period.

The market background for the insurance broking division remains highly competitive and margins remain under pressure due to a combination of increased competition and difficult economic conditions. New business activity has been very encouraging during the second half of the year, as has the continuing development of niche schemes

Within the financial services division the financial planning proposition continues to evolve although the general lack of confidence in the economic climate has meant that this has not benefited revenues as quickly as had been anticipated.

Since the interim announcement the Company has continued to trade profitably. However, while the cost base is in line with our expectations, revenue is likely to be lower than market forecast and as result, adjusted profit before tax is expected to be significantly below current expectations.

The Board is committed to improving the profitability of the Group and enhancing shareholder value. A further update will be given at the time of release of the preliminary results in March 2011.

 
 
 Enquiries 
 
 CBG Group plc                            0161 920 0200 
 Mike Askew, Group Managing Director       07720 400356 
 Martyn Hughes, Group Finance Director     07734 543454 
 www.cbg-group.co.uk 
 
 Zeus Capital (Nomad & Broker)            0161 831 1512 
 Alex Clarkson / Nick Cowles 
 
 Daniel Stewart & Company plc (Joint 
  Broker)                                 020 7776 6550 
 Martin Lampshire 
 
 Bishopsgate Communications Ltd           020 7562 3350 
 Nick Rome / Laura Stevens 
 
 

END

This information is provided by RNS

The company news service from the London Stock Exchange

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