28 June 2010 – pre-close trading update
Group revenues for the five months ended 31 May 2010 have declined by 10 per cent on both an actual and constant currency basis compared to the period last year. The rate of yoy revenue decline has been reducing on a monthly basis throughout the period and, whilst market conditions remain difficult, a number of the group’s operations have returned to generating yoy revenue growth in recent weeks. Current trading indicates that this trend will continue over the balance of the year and while the timing of this recovery will undoubtedly weight the group’s profitability significantly more towards the second half of the year than previously, the group believes it will achieve its expectations for the year as a whole. The group confirms its borrowing levels are reducing in line with expectations with an acceleration in the second half. The shares are rated a BUY FOR RECOVERY.