CloudCoCo Regulatory News (CLCO)

3 Oct 2006 07:00

Glen Group PLC03 October 2006 Glen Group plc ("Glen" or "the Group")Pre-close statement Glen, the AIM listed IT and communications integration business, is pleased toprovide a trading update before entering a closed period ahead of the issue ofits preliminary results for the year ended 30th September 2006. The Directors are pleased to report that the Group is making solid progresshaving enjoyed the full benefit of trading from Eclectic Group Limited("Eclectic"), acquired in February, which is performing strongly. The Group hasalso made good progress in expanding Glen Communications Limited ("GlenCommunications") with the acquisition of Explore IT Limited ("Explore"). Eclectic has performed well both in its core business intelligence ("BI")practice and in its training division and has won a second significant frameworkagreement with a major Scottish utility company, in this case to train up to3,000 employees. In addition it has started an Oracle consulting practice and aMicrosoft consulting practice, both focused on the BI space. The company hasbeen awarded Microsoft Certified Partner status and is now able to develop andprovide BI consultancy across a range of software platforms. Under the acquisition terms for Eclectic, in the event that the company meetsprofit targets of £400,000 PBITA in the twelve month period to 31 July 2006 afurther maximum consideration of £787,500 is payable in Glen shares. We are notyet in a position to disclose whether this PBITA target has been met until thefinancial results for this period have been audited and our preliminary resultsare announced. However, we made full provision for this further maximumconsideration in the unaudited consolidated group balance sheet as at 31st March2006 and our views of this provision being necessary have not changed. Glen Communications is expanding its direct sales team having recently beenenhanced by the acquisition in early September of Explore, which has become awholly owned subsidiary. This acquisition expands our client base, as well asour IT technical capabilities giving us an enhanced skill set. Explore is also aMicrosoft Certified Partner. We expect to issue our preliminary results by mid December. Eric M Hagman CBEChairman3rd October 2006 ENQUIRIES Glen Group plcGraham J DuncanChief Executive 0845 119 2100 College HillAlex Walters 020 7457 2020 This information is provided by RNS The company news service from the London Stock Exchange