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Freshwater UK PLC (FWUK)


Wednesday 24 February, 2010

Freshwater UK PLC

AGM Statement and Trading Upd

RNS Number : 5772H
Freshwater UK PLC
24 February 2010



Freshwater UK PLC

("Freshwater", "the Company" or "the Group")

AGM statement and trading update


Freshwater, the AIM listed PR, public affairs and marketing services group, will hold its Annual General Meeting at 16.00 today (24 February 2010) at its registered office, Raglan House, Cardiff Gate Business Park, Cardiff.


Steve Howell, Chief Executive, will make the following statement at the meeting:


"The Board is pleased to report that the improvement in the Group's profitability in December, as reported in the recent Notice of Annual General Meeting, has continued during the first two months of 2010 and that the Group is trading in line with the Board's expectations.


As a whole, the Group's second quarter (December 2009 to February 2010) has been significantly better than the first quarter due to a combination of a small increase in revenue and the impact of ongoing cost savings. This is particularly satisfying as December and January are traditionally weak months for revenue in most divisions.


In the second half, the Group will see the full benefit of cost savings implemented in December and January coming through. In addition, the Board is encouraged by the number of new business successes achieved in recent weeks across several regions and specialisms.


Recent wins in the retail sector include the launch a new catalogue and online women's wear brand in the UK and a project to support the expansion of a major retailer into Northern Ireland.


In health, we have been appointed to handle two new communications projects by NHS bodies in the south of England and to run an online and social media campaign for Donate Wales.


In transport, we have won new projects from Port of Tyne, First Group plc and the Isle of Wight ferry operator, Red Funnel.


Our Academy has secured a contract to write and produce a series of digital media training workshops for in-house communications teams and the Environment Agency has extended our media buying contract for another year.


We are also particularly pleased to announce, given our long standing involvement in the preparations for The 2010 Ryder Cup, that we won a competitive tender to produce the website for the televised Welcome2Wales Concert at the Millennium Stadium on 29 September 2010.


To meet the challenge of tough trading conditions Freshwater continues to capitalise on its diverse client base and unique position as an all-UK regional network offering a wide range of specialist expertise. This gives us a strong market position and allows us to compete effectively for new opportunities across many different sectors. The Group is currently experiencing increased levels of enquiries than this time last year.


The Board remains cautious about the rate of the economic recovery and the threat of cuts to public spending. We are also mindful of the need for the business to achieve greater scale, for which access to capital is essential. These issues are central to our strategic review, about which we will report further in due course.


In the meantime, the Board is confident the management team and staff are taking the actions necessary to deliver profitable trading, and we are very grateful for their efforts.



Enquiries to:


Freshwater UK

Steve Howell, Chief Executive                             02920 545383

Haydn Evans, Finance Director                           02920 545 383

Alex Love, Corporate Affairs Director                    02920 545383 / 07791 200391


Charles Stanley Securities (Nominated Adviser)

Mark Taylor /Ben Johnston                                 0207 149 6000


This information is provided by RNS
The company news service from the London Stock Exchange

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