The 15,000,000 convertible redeemable preference shares of £1 each carry a cash coupon of 3% from 1 September 2012, are redeemable in tranches from December 2013 through to December
2019
Although our order book is ahead of last year, market conditions in the first quarter of 2013 have been challenging and competitive pressure remains strong. We are confident that the Group's portfolio of property support services across a number of sectors will provide a solid foundation for sustainable profitable growth as and when the market recovers."
SDL continues to lead in Web Content Management technology, and more importantly has emerged the leader in Customer Experience Management, according to the recent Forrester Wave TM.
Whilst the performance for the first quarter of 2013 was slightly behind management expectations, given the previously announced investments, the Board remains confident for the outlook for the current financial year.