AGM Statement

RNS Number : 5012V

Evolution Group PLC

29 May 2008

 



29 May 2008

The Evolution Group Plc

(the "Evolution Group", the "Group", the "Company")

AGM Trading update

Evolution Group, the listed investment bank and private client investment management group, which today held its AGM, made the following trading update.

Group performance 

As stated in our Interim Management Statement issued on 19 May 2008, the Group continues to trade profitably and develop in line with our plans. Under the current market conditions, it remains increasingly difficult to forecast revenues and profits with any accuracy, but overall we believe the Group's performance is satisfactory. 

Current forecasts for the six months to 30 June 2008 are highly sensitive to the timing of existing corporate finance mandates within the Evolution Securities1 and Evolution Securities China3 businesses. On the basis of existing corporate mandates in these businesses we currently predict a stronger second half.

We have adjusted the Group's cost base in light of the subdued market conditions and continue to manage working capital effectively to ensure balance sheet strength and to enable us to take opportunities for growth. The securities businesses, Evolution Securities1 and Evolution Securities China2 remain confident in the opportunities for the remainder of 2008. Williams de Broe2 is well positioned for significant growth in assets under management and the resultant revenue gains this will provide. The initial set-up costs and asset gathering activities of the new Edinburgh office are in line with our expectations.

Notes

1The results of Evolution Securities are defined as those arising from Evolution Securities Limited ("ESL") and its subsidiary Evolution Securities (US) Inc. ("ESUS").

2The results of Williams de Broë are defined as those arising from Williams de Broë Limited ("WdB"), Williams de Broë Management Company Limited and from WDB Capital Limited, including the consolidated results of the WDB Capital UK Equity Fund.

3The results of Evolution Securities China are defined as those arising from Evolution Securities China Limited ("ESCL") and its subsidiary Evolution Watterson Securities Limited ("EWSL").

Forward looking statements

This interim management statement may contain forward-looking statements with respect to the financial condition, results, operations and businesses of the Evolution Group plc. Such statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking statements and forecasts. Forward-looking statements and forecasts are based on the Directors' current view and information known to them at the date of this statement. The Directors do not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this interim management statement should be construed as a profit forecast.

For further information, please contact:

The Evolution Group Plc Alex Snow, Chief Executive Officer Tony Lee, Company Secretary	020 7071 4300
Bell Pottinger Corporate and Financial Charles Cook Mike Davis	020 7861 3232

Notes to Editors:

The Evolution Group Plc

The Evolution Group is the holding company of Evolution Securities Limited, Williams de Broë Limited and Evolution Securities China Limited. Founded in April 2001 and originally listed on AIM, the Evolution Group joined the Official List in 2003 and now has a market capitalisation of over £220 million.

Evolution Securities Limited is a leading investment bank focused on mid-cap UK public companies. It provides a full range of investment banking services including equity research, institutional sales and trading, market making and corporate finance advice. Evolution Securities Limited has over 70 retained corporate clients. It is authorised and regulated by the Financial Services Authority.

Williams de Broë Limited is a leading private client investment manager, with offices in Bath, Birmingham, Bournemouth, Exeter, Guildford and London. Williams de Broë is authorised and regulated by the Financial Services Authority.

Evolution Securities China Limited is a specialist Chinese investment banking business with offices in London, Hong Kong and Shanghai. It offers UK based institutional clients research and trading in listed Chinese stocks and provides Chinese companies access to the markets in London and Hong Kong. Evolution Securities China Limited is authorised and regulated by the Financial Services Authority.

 

END

 

 

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