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11 Mar 2009 07:02
11 March 2009
HML Holdings plc
("HML" or "the Company")
Trading Update
HML Holdings plc (AIM: HMLH.L), the property management service group, today provides the following trading update.
Since the announcement of our interim results for the half year to 30 September 2008 the Company has progressed well in terms of attracting new property management instructions and although we anticipate the growth in fixed management fees to exceed our earlier forecasts, the deterioration in transaction fees has continued to affect our earnings. The downturn in property sales has been more severe than previously anticipated and treasury management fees have reduced further as a result of three additional cuts in bank base rates. The board believes therefore that the group's earnings will be below those currently projected in the market.
The board anticipates no significant improvement in transactional income in the coming year nor does it expect an increase in bank base rates to restore treasury management fees. The group does however expect the growth in property management fees experienced this year to continue. This on going growth in base income will facilitate an overall improvement in group profitability as the economy starts to recover.
-ends-
For further information:
HML Holdings Plc Tel: 020 8439 8529
Robert Plumb, Chief Executive
James Howgego, Financial Director
Tavistock Communications Tel: 020 7920 3150
Paul Young / John West
Daniel Stewart & Company Plc Tel: 020 7776 6550
Simon Leathers
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