Savile Group PLC Trading Statement (6055O)
September 23 2013 - 2:00AM
UK Regulatory
TIDMSAVG
RNS Number : 6055O
Savile Group PLC
23 September 2013
Savile Group plc
Trading update
On 6 August 2013, the Board announced that the performance of
the Group had improved in the second half of the financial year
ended 30 June 2013 resulting in it trading profitably in that
period.
The first quarter of the current financial year has seen a
significant downturn in expected activity in Fairplace, the Group's
corporate transition business, which represents around 70% of Group
sales. This business saw an unusually quiet July and August and the
expected pick up in September after the Summer break is both slower
and delayed as a result of which the Group will incur a significant
loss in these months. The Board will monitor progress in Fairplace
carefully in the coming months.
In response, the Board is taking immediate steps to align costs
with lower activity levels and is exploring other steps to reduce
costs. The reduced sales and losses have had a commensurate adverse
impact on the Group's cash reserves. The Board is examining options
to provide additional funding for the Group.
Enquiries
Savile Group plc 020 7204 6990
David Harrel, Chairman
Mark Sidlin, CFO
Cairn Financial Advisers LLP 020 7148 7900
Nominated Adviser
Tony Rawlinson
This information is provided by RNS
The company news service from the London Stock Exchange
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