ISG.L Regulatory News (ISG)

17 Dec 2007 07:01

Interior Services Group PLC17 December 2007 Interior Services Group PLCAGM Statement and Trading Update At the Annual General Meeting of Interior Services Group PLC, which will be heldtoday at 3.00pm, the Chairman, Roy Dantzic, will make the following statement. "I am delighted to inform shareholders that we have had an encouraging start tothe current financial year. Turnover and profits in the first half will beahead of this time last year. As we have experienced in the previous threeyears, profitability will be biased towards the second half due to theanticipated timing of the completion of a number of projects. "We are benefiting from our strategy of strengthening and diversifying ourbusiness with contributions from ISG Asia and Cathedral, acquired in the lastfinancial year, and IASA and Pearce acquired since June, and from strong organicgrowth particularly in our London New Build and Refurbishment divisions. Allrecent acquisitions are trading in line with our expectations. "Demand for the Group's services remains strong. Not only have volumes increasedbut the Group's order book currently stands at a record £980m (June 2007 £843m). Importantly we have already secured £360m for the year 08/09, compared to£300m this time last year. In addition, we now have a further £150m ofallocated work arising from framework agreements expected to be delivered in thenext calendar year by our Retail and Regional businesses which are not yetincluded in the order book. "Over the last two years we have significantly changed the shape of thebusiness. To complement the organic growth within our market leading Londonbased business and to reduce our dependence on the London office market, wehave: • developed a £180m national retail business through Pearce, Cathedral and Dean and Bowes • built a £300m regional construction business with a delivery capability across the country • established a £100m international fit out and project management capability with 10 offices in Europe and Asia "I am delighted to report that this strategy will see projects outside theLondon office market contributing approximately 65% of our business this year.With a promising start to the year we look forward to updating shareholders onthe progress we are making at the interim results in March 2008." 17 December 2007 For further information contact: Interior Services Group PLC David Lawther, Chief Executive 020 7392 5307 Jonathan Houlton, Group Financial Director 020 7392 4905 Web: www.isgplc.com College Hill Matthew Gregorowski 020 7457 2020 A conference call for analysts is taking place at 08.15am this morning. Pleasecontact Matthew Gregorowski at College Hill for the dial-in details on 020 74572020. This information is provided by RNS The company news service from the London Stock Exchange