HW GROUP PLC
3 September 1999
HW Group PLC ('HW Group' or the 'Company')
Chairman's AGM Statement
HW Group, the specialist professional recruitment consultancy, held its Annual
General Meeting earlier today. Richard Mead, Chairman of HW Group made the
following statement at the meeting:
'The implementation of Project Darwin, the major reorganisation of our
business, has gone well. Project Darwin aims to encourage greater cross
selling of our recruitment services to all our clients and to accelerate the
Company's expansion. The benefits are now being clearly seen across the
Company, as indeed are those related to our increasingly sophisticated use of
technology, particularly with regard to our Internet presence.
At the time of the announcement of the Company's preliminary results in June
1999 I warned shareholders that economic uncertainty was causing many of our
clients to act cautiously. Whilst our revenues in respect of contract staff
have been in line with budget, continuing caution has dominated the permanent
recruitment market, with the result that the Company's overall operating
profits for the first five months of the current year have been disappointing.
However, activity in the permanent market has picked up strongly in recent
weeks and, with HW Group in a strong financial position with no net
borrowings, we are excellently positioned to take advantage of any future
growth.'
All the resolutions at the AGM were duly passed.
For further information please contact:
Graham Palfery- HW Group PLC 0171 240 2101
Smith,
Chief Executive
Andy Yeo Buchanan Communications 0171 466 5000
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