4 Dec 2012 07:00
Avesco Group plc
Trading Update
Avesco Group plc (the "Group"), the provider of services to the corporate presentation, entertainment and broadcast markets, today issues the following trading update ahead of its full year results for the financial year ended 30 September 2012.
The final quarter of the year was, as anticipated, extremely busy for the Group including the successful completion of a significant amount of business relating to the London 2012 Olympics and the Paralympics Games for a variety of clients across all three of our divisions. During the year as a whole, the underlying business has continued to make good progress, with a particularly strong performance from Creative Technology in North America.
The Board have also conducted a strategic review of the Presteigne Charter business which has resulted in a restructure of the projects division and is expected to contribute to greater than envisaged reported operating expenses. Despite this, the directors anticipate that trading profit, before and after net finance costs, for the year ended 30 September 2012 when announced in January 2013, will be ahead of the current market expectations.
Separately, the oral hearing of the appeal by the Walt Disney Company against judgment in the litigation brought by Celador International and in which the Group maintains an interest, took place in October 2012. The Company believes that a decision is likely to follow within the next 12 months.
For further information please contact:
Avesco Group plc 01293 583400
Richard Murray, Chairman
John Christmas, Finance Director
finnCap 020 7220 0500
Ed Frisby/Rose Herbert, Corporate Finance
Brian Patient/Victoria Bates, Corporate Broking