Hummingbird Resources Regulatory News (HUM)

21 Jan 2008 16:01

Humberts Group PLC21 January 2008 Humberts Group PLC 21 January 2008 Humberts Group plc("Humberts" or the "Group") Trading update and Directorate Change Humberts (AIM: HUM) is today providing shareholders with an update on trading. Financial results for the year to 30 September 2007 are expected to be in line with market expectations. Since the end of the financial year, however, trading in the core residential agency business has been disappointing with volumes materially below the Board's expectations. As a consequence, the Board now expects a small loss for the first quarter, and, based on January's trading, an overall loss for the first half of the financial year. Currently the company has its own cash resources. However, given the current trading of the Group and the deferred consideration which will become payable over the next few years under the terms of the recent acquisitions, the Board consider it prudent to raise additional funding to strengthen the Group's financial position. Discussions with potential funders have started and the Board will provide an update to shareholders as soon as practicable. The Board also today announces that Tim James, the Group's Executive Chairman and Max Ziff, the Group's Chief Executive Officer have decided to step down from the Board and leave the Group with immediate effect. John McLean, who was appointed to the Board on 21 December 2007, will become Executive Chairman and will be responsible for the day to day running of the Group. Humberts' preliminary results for the year to 30 September 2007 will be released in the middle of February 2008. For further information: Humberts Group plc John McLean, Executive Chairman 07768 031 454 Nigel Cartwright, Chief Financial Officer 0207 431 8888 Financial Dynamics: 020 7831 3113 Richard Sunderland This information is provided by RNS The company news service from the London Stock Exchange