24 May 2018 07:00
Trading update
Huntsworth plc, the healthcare and communications group, is today issuing the following trading update for the four months to 30th April 2018.
· | Group trading well and in line with market expectations. |
· | AboveNation Media (acquired in February 2018) fully integrated. |
· | Balance sheet remains strong with net debt lower than expected. |
Trading
The Group traded well through the first four months of the year, led by strong growth in the Medical and Immersive Divisions. The Marketing Division is flat, as expected, as it tracks a very strong first half prior year comparator, with stronger growth expected in the second half of the year.
The Communications Division continues to trade in-line with expectations, with performances varying across the agencies. As previously highlighted the Communications Division will see revenue decline as it continues to exit unprofitable clients.
Financial Position
The Group remains in a strong financial position, operating well within its £75m facility. Cash flow is strong and net debt at 18th May 2018 was lower than expected at circa £34m.
Outlook
The Group is focused on delivering superior growth led by its healthcare focused agencies and recent acquisitions continue to complement this. With a strong balance sheet, the Group remains interested in adding further selective complementary businesses within stringent ROIC and earnings enhancing criteria. The Board is confident of continued progress through the remainder of 2018.
Enquiries:
Citigate Dewe Rogerson | 020 7638 9571 |
Angharad Couch | |
Nick Reading | |
Elizabeth Kittle |