25 Feb 2009 16:00
GSH Group plc
('GSH' or 'the Group')
Trading Update
GSH Group plc (AIM: GSH), the international provider of bespoke facilities management and energy management solutions, issued today the following update for the six months to 31 January 2009.
The Board has decided to change the Group's accounting policy in respect of revenue and the associated profit recognised on energyplus projects. This change in accounting policy combined with challenging trading conditions in the United States is expected to result in a one-off shortfall in pre-tax profits of approximately 20% in the first half of the current financial year, as compared with the Board's previous expectations.
GSH's financial position remains strong with substantial cash balances expected to be higher at the end of the half-year than 31 July 2008.
Rob Painting, interim Chairman of GSH, commented:
"Despite the current challenging economic climate the Group overall is in a strong financial position, profitable and cash generative."
For further information, please contact:
GSH Group plc
Rob Painting Tel: 07734 400 963
Bell Pottinger Corporate & Financial
Ann-Marie Wilkinson / Nick Lambert Tel: 020 7861 3232
KBC Peel Hunt
Julian Blunt, Nominated Adviser Tel: 020 7418 8900