Last checked at 17 Dec 2009 07:00
| For Immediate Release | 17 December 2009 |
Ideal Shopping
Direct PLC
(the 'Company')
Trading Update
Ideal Shopping Direct plc, a leading operator of TV and internet shopping channels, is today providing a trading update to the market for the 47 week period to 22 November 2009.
The market was informed in our last trading update on 23 September 2009 that the outcome for the current financial year would be largely dependant on trading in the final quarter.
The Board is pleased to report that trading since the last statement has been ahead of internal forecasts. As a result the Board feels confident that the year end outcome will be ahead of the current consensus market forecast and that positive progress is being made towards profitability at the full year.
There remains an important 17 days of trading for the current financial year before the final result can be confirmed.
The Company's cash balance at 15 December 2009 was £10.9 million. The outstanding mortgage at that date was £1.6m.
The Board intends to issue a pre-close announcement on 20 January 2010.
Commenting on trading Mike Hancox, Chief Executive said:
"The improved trading we are announcing today is largely due to the changes we have implemented over the last year. Despite the challenging economic environment, we remain confident that our ongoing strategic initiatives will ensure the Company continues to grow throughout 2010."
For further information please contact:
| Paul Wright, Chairman | |
| Mike Hancox, Chief Executive | |
| Ian Jebson, Finance Director | |
| Ideal Shopping Direct Plc | +44 (0) 1733 316203 |
| Simon Bennett | |
| Ewan Leggat, Laura Littley | |
| Fairfax IS PLC | +44 (0) 207 598 5368 |
| Richard Darby, Nicola Cronk, Miranda Higham | |
| Buchanan Communications | +44 (0) 20 7466 5000 |