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Freshwater UK PLC (FWUK)

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Friday 03 October, 2008

Freshwater UK PLC

Trading Statement

RNS Number : 0043F
Freshwater UK PLC
03 October 2008
 

 3 October 2008

 

Freshwater UK PLC ('Freshwater', 'the Company' or 'the Group')


Trading update and notice of results


Freshwater UK PLC (AIM: FWUK), the integrated PR and marketing group, is pleased to announce that it will publish its results for the year ending August 31 2008 on December 1 2008.


In its first full year as an AIM listed company, Freshwater UK has continued to achieve substantial growth in revenue and profits. Overall, the Group's profit before tax for the year ended 31 August 2008 will be approximately £1.2m, which is well ahead of the prior year although below market expectations.


The Group has shown that it is resilient in a period of challenging economic circumstances, with a reduction in consumer and housing revenues being largely offset by strong performances in utilities, transport, healthcare and technology.


As reported in the Interims, the Group had an exceptional bad debt write-off of £155,807 owed by a long standing client in the property sector, which was unexpectedly put into administration.


The Group has completed and successfully integrated three acquisitions and seen healthy like-for-like organic growth in its existing businesses. It has also delivered strong operating cash flow and ended the year with a positive net cash position.



Chief Executive Steve Howell said:


'The Group has enjoyed another successful year. The three acquisitions completed in the first half have all made a positive contribution, and we have achieved encouraging level of organic growth.


'We are keeping a very sharp focus on growth sectors, cost discipline, credit control and cash flow.


'With more than 300 clients in a diversity of sectors, regions and specialisms, we are well placed to meet the challenge of a tough economic climate and optimistic about the prospects for continued growth for the rest of the calendar year and beyond.'



Freshwater UK


Steve Howell, Chief Executive


Tel: 029 2054 5383


Charles Stanley Securities (Nominated Adviser)

Mark Taylor/ Freddy Crossley



Tel: 020 7149 6000



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