Hummingbird Resources Regulatory News (HUM)

30 Oct 2007 07:01

Humberts Group PLC30 October 2007 0700, 30 October 2007 Humberts Group plc ("Humberts" or the "Group") Trading Update Humberts (AIM: HUM), the national group of full service estate agents andvaluers, today makes its annual trading update in respect of the Group'sfinancial year ended 30 September 2007, the results of which are expected to beannounced in early January 2008. Trading performance during the first half of the year to 31 March 2007 was aheadof expectations and contributed well to underlying earnings of the Group. Asannounced in the Group's interim results in June, the second half of the yearstarted more slowly, although at that time there was a strong pipeline ofbusiness leading into the key summer trading months. During the summer, due to general concerns about the property market, the Groupheld back on completing a number of key acquisitions. Notwithstanding thisdelay, Humberts was on course to perform in line with market forecasts ahead ofthe traditionally strong trading month of September. In early September, the advent of the Northern Rock crisis and the ensuinguncertainty, including concerns regarding the availability of consumer credit,took the property and housing market by surprise. While the Group wasprofitable in September as a whole, a large number of buyers did delayexchanging on properties meaning the outcome for the month was significantlybelow forecast. As a result of this, underlying profit of the Group for theyear to September 2007 will be below market expectations. From a residential agency perspective, the two market segments which have beenmost adversely affected by the recent market conditions are properties in Londonand those for sale for less than £300,000. Humberts has a relatively lowexposure to the London market and only about one third of the properties sold bythe Group are priced at less than £300,000, compared with the national averageof just below £200,000. On a more positive note, initial indications are that revenues for the month ofOctober will show a marked improvement, although it is too early to see whetherthis trend will continue for the forthcoming financial year. In addition, the Group continues to diversify its focus away from the morecyclical residential estate agency market, as witnessed by our recent purchasesof agricultural and professional service related businesses. We would alsoexpect to gain further benefit from the improved fee levels that tend to beassociated with lower market activity and will continue to rationalise costs aswe integrate the businesses we have acquired, allowing us to maximise theefficiencies made possible by the scale of the business we have created. We move into our new financial year with a record pipeline of transactions andproperties available for sale and an expectation that the Humberts brand willcontinue to gain market share in the key regions in which it operates. Max Ziff Chief Executive Officer For further information: Humberts Group plc: 020 7318 1273Max Ziff, Chief Executive OfficerNigel Cartwright, Chief Financial Officer Financial Dynamics: 020 7831 3113Lauren Mills Notes to editors Humberts Group plc is listed on London's AIM market. It is a leading firm ofestate agents, chartered surveyors and valuers. Established over 150 years ago,the company has a growing network of offices in the UK which benefit fromnational expertise combined with strong regional and very local knowledge. Led by a team of dedicated professionals, Humberts is a multi-disciplinedpractice with integrated expertise in the residential, rural, commercial, land,new homes and professional services sectors. Humberts is renowned for thequality of its staff, many of whom are RICS (Royal Institution of CharteredSurveyors) qualified, and for its high levels of personal service. Humberts is committed to a strategy of growth by acquisition. All acquisitionswill trade under the Humberts name, fully leveraging its heritage whilstcontinuing to develop it as a national brand. New offices will benefit from thecompany's centralised functions including its sophisticated technology platform,its marketing and its purchasing power. This information is provided by RNS The company news service from the London Stock Exchange