AGM Statement

RNS Number : 6174A

Delling Group PLC

05 August 2008

 



For Release at 0700 on 5th August, 2008

DELLING GROUP PLC (DLG.L)

The AIM-listed marketing support services group

AGM Statement

At the Annual General Meeting (“AGM”) today (Tuesday, 5 August 2008) of Delling Group PLC ('Delling' or the 'Company'), the only listed marketing support services group on AIM whose principal assets are in Scandinavia, Aksel Bratvedt, Executive Chairman will make the following statement:

 

“Delling was pleased to announce on 3 June 2008 that the first quarter of the current year was profitable on an EBITDA basis. Since then, the Company has continued to work on the further reduction of its cost base and the integration of its businesses. Cost reductions continue to be realised, in terms of a reduction in our workforce and in our office rents, both of which are expected to have a positive impact during the second half of this year.

 

The Board has now substantially completed its fixed cost reduction programme. The Company’s focus will now be on the further integration of its sales function and on the realisation of cross selling opportunities that Delling enjoys across its large and international ‘blue-chip’ customer base. The Company is also working to improve its gross profit margin substantially over the coming months by improving terms with a number of its suppliers.

 

Trading has progressed satisfactorily with several new contracts won, including exhibition contracts for a number of large international companies based in London. The Board is particularly satisfied that the Company has shown its ability to win contracts in competitive situations outside its main markets in Scandinavia.

 

The interim results for the half year to 30 June 2008 will be announced in the second half of September and are expected to follow the progress made from the first quarter, with continued profitability at EBITDA level.

 

To satisfy demand in Scandinavia from local investors, who are familiar with and increasingly appreciative of both Delling’s Scandinavian market opportunity and its customer base, the Directors have decided to seek a listing in Scandinavia during the first quarter 2009, in addition to the Company’s existing quotation on the Alternative Investment Market. This is expected to increase the size of the Company’s shareholder base and, therefore, enhance liquidity.”

 

 

 

ENDS

  

For further information please contact:

Delling Group Plc
Aksel Bratvedt, Chairman	Tel: [phone]
Geir Lolleng, CEO	Tel: [phone]
Svante Goden, CFO	Tel: [phone]
www.dellinggroup.com
Adventis Financial PR
Tarquin Edwards	Tel: [phone]
Nabarro Wells & Co Limited  - Nominated Adviser
Hugh Oram	Tel: [phone]

 

END

 

 

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