5 Mar 2009 11:08
Avesco Group PLC 05 March 2009
Avesco Group plc Results of AGM, Trading Update for the year to 30 September 2009
and Directorate Changes
Avesco Group plc ("Avesco" or the Company), the provider of services to the corporate presentation, entertainment and broadcast markets, announces that all resolutions proposed at the Annual General Meeting of the Company today were passed.
In relation to current trading of the Avesco group, Ian Martin, Chief Executive, commented;
"Avesco's overall results remain in line with our expectations. I have given a consistent message that 2009 will be a very tough year and, with limited visibility, one that still remains difficult to predict. The Avesco group has a strategy in place to manage through these uncertain times. Recessionary pressures have intensified of late and as a result we have taken further actions to reduce our cost base. Substantially all employees, including the Board, have agreed reductions in remuneration, in addition to which we have implemented a reduction in headcount affecting around 8 per cent of the workforce. We expect the benefit of these measures to flow through during the course of the year.
We remain cautious about the outlook for the remainder of 2009. The Avesco group has well established businesses and we believe that our continued focus on service, quality, cost control, cash generation and maintaining our financial strength leave us relatively well positioned to navigate our way through these challenging times."
The Company also announces that Laurence Blackall and Cameron Maxwell are today stepping down as directors, having served as Independent Non Executive Director and Non Executive Director respectively. The Board would like to wish them well and record its appreciation for their support and contribution over a number of years. Going forward the Company will continue to benefit from Cameron's experience as he has agreed to continue as a consultant to the Group.
For further information please contact:
| Avesco Group plc | Tel: 01293 583400 |
| Ian Martin, Chief Executive | |
| John Christmas, Finance Director | |
| FinnCap | Tel: 020 7600 1658 |
| Clive Carver Charles Cunningham |