Cello update hits flat note

A trading update from market research and consulting group Cello hit a flat note with investors, as the chairman, Allan Rich, reminded them that public sector cutbacks will have an impact on like for like first half performance of the group's Tangible division.Rich said that the core Healthcare activities of the group "have continued to perform well" and have offset slower spending in UK dependent sectors, especially retail."The group continues to organically grow its Research and Consulting presence in the United States, with strong results in both New York and in San Francisco," Rich told shareholders at the group's annual general meeting.Cello is still looking to add more strings to its bow, especially in Asia, as it seeks "to meet the increasingly global demands of our client base."While adding the caveat that it is still very early in the year, the board believes it is on track to meet full year expectations, despite the continued flat condition of the UK economy.---jh