ISG.L Regulatory News (ISG)

27 Jun 2006 07:00

Interior Services Group PLC27 June 2006 Interior Services Group plc Trading Update and Board Changes Interior Services Group plc ("ISG") the construction services specialist, istoday updating investors on trading, prior to its close period, ahead ofannouncing its results for the year ended 30 June 2006. Current trading remains positive and in line with our expectations. As a resultof increased turnover in the second half of the year, profits have continued togrow. We are continuing to win work in our core market of Central London and in theRegions. Recent major project wins, totalling over £127m, include Shell Centre,Norton Rose, Morgan Stanley and Nelson & Colne College. After a period ofexceptionally high turnover in the current half, our order book now stands at£750m, up over 18% compared to June last year. Of this, over £530m is alreadysecured for 06/07. In September 2005 we completed the acquisition of the regionally-basedPropencity Group. Trading in ongoing activities in Propencity is in line withour expectations, but due to the increased costs and prolonged close out ofTotty's discontinued activities in the high rise residential market, no deferredconsideration is payable. We have been planning the future development andintegration of the three businesses of Leeds-based Totty, Ipswich-based Jacksonand Huntingdon-based Dean & Bowes into ISG, from 1 July. As a result, PhilipBrierley, Propencity's CEO and ISG Board member, will be stepping down at theend of June to pursue private interests outside of the Group. As announced previously, David King will retire from the Board at the end ofJune. He will be succeeded by current Group Finance Director David Lawther.David King will maintain his involvement with ISG as Chairman of our Asianbusiness. In April we announced that we had agreed terms to buy substantiallyall of the operating business in Asia of ISG Asia Ltd. This purchase isproceeding and is scheduled to complete in September. On 1 August Jonathan Houlton will join the Board as Group Finance Director.Formerly Group Finance Director of Wates Group Ltd, he brings a wealth ofindustry experience to the Board. The outlook for the Group in 06/07 is encouraging. Trading in ISGInteriorExterior serving the core London office market remains buoyant and, withthe integration of Propencity, we are now well positioned for growth in theregional markets. - ends - Date: 27 June 2006For further information contact: Interior Services Group PLCDavid King, Chief Executive 020 7392 5251David Lawther, Group Financial Director 020 7392 5307Web: www.isgplc.com cityPROFILESimon Courtenay 020 7448 3244 This information is provided by RNS The company news service from the London Stock Exchange