Trading Update

RNS Number : 4895R

Fairpoint Group PLC

09 December 2016

 

9 December 2016

Fairpoint Group plc

Trading update

Fairpoint Group plc ("Fairpoint" or "the Group") today issues a trading update on its recent performance.

Trading in legal services for 2016 was in line with expectations in terms of both revenue and profit to the end of October. However, the results for November are below plan and are likely to be lower than expected in December as well.

Trading across debt services is broadly in line with expectations and the closure of the debt management business remains on track for completion in early 2017. However, the planned benefit of the reduction in associated overheads is taking longer than expected.

As a result of the factors noted above, the full year results for the Group for the year ended 31 December 2016 are likely to be materially below market expectations. The Board is formulating plans to mitigate the potential impact on the trading performance and financial position of the Group going forward, including the suspension of future dividends.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.

For enquiries please contact:

Fairpoint Group plc

Chris Moat, Chief Executive Officer                                                                                        0845 296 0100

David Broadbent, Chief Financial Officer                                                             

Shore Capital (Nomad and Joint Broker)

Mark Percy                                                                                                                                         020 7408 4090

Edward Mansfield

Panmure Gordon & Co (Joint Broker)                                                    

Dominic Morley                                                                                                                                020 7866 2500

Charles Leigh-Pemberton

MHP Communications

Reg Hoare                                                                                                                                           020 3128 8100

Katie Hunt

 

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