jollyspec28 Feb 2013 10:39
you should appreciate the company. Not much fun sitting on your own in a deserted room full of cobwebs and a disconnected phone line. BTW, the RNS below is not mine, lol.
Significant reduction in performance from the European division. A restructuring is underway which will reduce costs significantly, although this is negatively impacting the current financial year
Bob Wigley, Chairman of EXPANSYS, commented:
The first half of the year has been more challenging than expected, chiefly as a result of a worsening performance in Europe as we restructure the business to an appropriate scale in line with the market opportunity and difficult economic climate. We continue to experience headwinds in the retail business, but believe the realignment of our cost base will have a positive impact and bring the business increased profitability in the short to medium term. Our DSNS business continues to win new customers, but the predicted network terms changes are having an effect upon profitability. We continue to make good progress within our PJ Media multi-channel solution business and have signed several key strategic contract wins that will benefit the Group moving forward.
The Group has spent a large amount of time this year restructuring underperforming areas of the business, and while not complete, we are already seeing operational improvements that are necessary to support the many strategic opportunities we have. However, due to the underperformance of the retail business chiefly in Europe, we expect full year performance to be below current market expectations.