AGM Statement

RNS Number : 8293D

Infoserve Group PLC

19 September 2008

 



Infoserve Group plc

('Infoserve' or 'the Company')

AGM Statement and Trading Update

Infoserve Group plc (AIM:INFS), a leading online local search-marketing specialist, will be holding its Annual General Meeting today at 10.00 am.

James Newman, Chairman, will provide the following trading update: -

The first five months of the current financial year have seen good growth in sales revenues and a marked improvement in trading performance. For the first half of the year, the Directors expect revenues to be in line with their forecast. 

As a result of the improved trading performance and current trends, the business remains on track to achieve cash neutrality on a monthly basis before the end of the financial year.

The new Google AdWords Authorised Reseller contract has now begun and we anticipate a positive contribution from this contract in the second half.

Recruitment of new Sales Executives has made good progress in the first half, as the business has increased in scale.

The UK online advertising market continues to grow against a generally difficult market background in other sectors. Online advertising revenues exceeded mainstream TV advertising for the first time in 2007 and the Board expects this trend to continue for the next few years.

The Board confirms, as announced on 15 August 2008, that talks are taking place that may or may not lead to an offer being made for the Company.

In light of the current economic climate, I am extremely pleased with the consistent improvement in sales and the marked improvement in trading performance. The Board remains confident that the Group will continue to achieve its objectives in the current financial year.

The Directors expect the Interim Results to be announced on Monday 15 December.

---- ends ----

For further information please contact:

Infoserve Group plc
Steve Barnes, Chief Executive Officer	Tel: [phone]
[e-mail]	www.infoserve.com
David Balbi, Finance Director	Tel: [phone]
[e-mail]	www.infoserve.com
WH Ireland Limited	Tel: [phone]
David Youngman
Source Marketing Communications	Tel: [phone]
Peter Downey

 

END

 

 

AGMFKCKQOBKKACD