Actif Group PLC
07 August 2002
7 August 2002
Actif Group plc
Trading update
At the time of the interim results announced by the Company in April this year,
the Chairman reported that good progress had been made towards increasing both
sales and margins and in pursuing its strategy of improving returns from its
core Elle brand. In light of this he expressed his optimism for the outcome for
the year.
The Company has continued to pursue this strategy and is confident that its
normalised results for the year ended 3 August 2002 would have exceeded market
expectations of a profit before tax of approximately £500,000.
The Board is disappointed to announce, however, that this years results will be
affected by the recent administration order made against the Designer Room
Limited, which ran concessions selling the Company's merchandise. At the time of
going into administration, Designer Room owed the Company approximately £250,000
and the recovery of this money is uncertain. Designer Room also held stock that
was owned by Actif Group, which has now been recovered. The full amount due from
Designer Room will be provided for in the final results.
Despite this setback, the Company is in a much stronger position financially
than 12 months ago, with net debt reduced by approximately £1m and gearing now
approaching 50%, compared to 90% at last year end.
Mark Evans, Chief Executive of Actif Group comments:
'Despite this setback I am satisfied that the Company has succeeded in achieving
its goals for the year, reducing net debt, increasing turnover and contribution,
whilst continuing the development of the Elle brand. The Board is optimistic
that the Company will continue to develop in line with management's expectations
and believes that the market's expectations for the financial year to July 2003
remain realistic.'
Enquiries:
Mark Evans, Chief Executive, Actif Group plc Tel: 020 7436 3330
Julian Ghinn, Finance Director Tel: 020 7462 8810
Piers Hooper, Hudson Sandler Tel: 020 7796 4133
This information is provided by RNS
The company news service from the London Stock Exchange
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