St. Ives PLC Statement re contract (4579R)
September 21 2017 - 8:01AM
UK Regulatory
TIDMSIV
RNS Number : 4579R
St. Ives PLC
21 September 2017
21 September 2017
This announcement contains inside information
St Ives plc
("St Ives" or the "Group")
Statement re contract
St Ives, the international marketing services group, was
informed today by Sainsbury's that its contract with the Group's
Marketing Activation segment, for the production of in-store
marketing materials, will not be renewed. The contract now
represents approximately 3.5% of the Group's annual revenue and
ends on 2 December 2017.
Management will be initiating actions to reduce the cost base of
the segment to mitigate the impact of the non-renewal, with
associated one-off cash restructuring costs of approximately GBP1
million within the financial year ending 3 August 2018.
Due to a stronger than expected trading outlook within the
Group's Strategic Marketing businesses, we do not expect the
non-renewal of the contract to have any impact on our trading
outlook for the year ending 3 August 2018.
The Group will announce its Full Year Results for the 52 weeks
ended 28 July 2017 on 3 October 2017.
- Ends -
For further information contact:
St Ives plc 020 7928 8844
Matt Armitage, CEO
Brad Gray, CFO
MHP Communications 020 3128 8100
Tim Rowntree / Giles Robinson / Luke Briggs
This information is provided by RNS
The company news service from the London Stock Exchange
END
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