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27 May 2008 07:00
27th May 2008
SMC Group Plc ("SMC" or "the Company" or "the Group")
Trading update
The Board of SMC Group Plc is pleased to announce that Group trading continues to be robust with a stronger order book than at the same stage of the year in 2007, coupled with an improved conversion rate of order book into revenue and EBITDA.
Actions to rationalise the business and to make further cost savings over and above those arising from the review in 2007 continue to progress well and a full report will be given in the Group's interim results announcement in September 2008. As part of this process, the Group is close to agreeing improved terms with its principle bankers, HBOS.
The Group continues to win new business and in the last 2 months, the Group has won commissions with total estimated fees of in excess of £8m, including:
The Group's new commissions represent a mix of private and public sector clients and continue to demonstrate the Group's exposure and experience in a wide and balanced portfolio of work.
Outside of the UK, management is pleased with the growth generated in Asia and the scale of new commissions and development opportunities, both in the existing office locations of Singapore, Shanghai and Beijing and also in Malaysia and India. We have doubled our number of staff in these locations during the last 12 months in response to the expanding order book and high quality of work being delivered.
The Board confirms that the AGM for SMC Group Plc will be held at 10am on 25 June 2008 in Room 33, The Royal Horticultural Centre, Greycoat Street, London SW1P 2QD. Tel. 0207 821 3634. The notice of the AGM and a copy of the Group's annual report for the year ended 31 December 2007 is expected to be posted to shareholders on 2 June 2008.
Ends
For further information:
SMC Group Plc Tel: +44 (0)20 7580 0400
Chris Littlemore/Rob Boardman
Numis Securities Limited Tel: +44 (0)20 7260 1000
Stuart Skinner/Brent Nabbs/James Serjeant
Financial Dynamics Tel: +44 (0)20 7831 3113
Jonathon Brill/Billy Clegg/Caroline Stewart/Annie Evangeli
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