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11 Dec 2008 07:00
11 December 2008
Cavanagh Group plc (the "Company")
Trading Update
The Board of Cavanagh Group plc announces that it now expects the results for the second half of the year to December 2008 to be at a break-even level before the amortisation of intangible assets and costs associated with a redundancy programme that has been implemented. The company will be profitable for the financial year.
The ongoing turbulence in financial markets has caused clients to defer investment decisions to a greater extent than we originally envisaged which has delayed business in general and, in particular, some significant Corporate business which we now expect to be implemented in the first half of 2009. In view of the challenging conditions across the sector, the Board has taken action to reduce overheads and further improve operational efficiencies, the benefits of which will be seen in 2009.
Enquires to:
Cavanagh Group plc Tel: 01444 475400
Andrew Fay, Chief Executive Officer
Brewin Dolphin Investment Banking Tel: 0845 270 8610
Andrew Emmott
ENDS
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