29 Jun 2015 07:00
Embargoed - 07.00a.m. 29 June 2015
Progility plc
Trading Statement
29 June 2015
Progility plc
("Progility" or "the Group")
Pre-close trading statement
Progility plc (AIM: PGY), the systems integrator and project management services firm, issues a pre-close trading statement for the financial year ending 30 June 2015, ahead of announcing full year results in September 2015.
Significant strategic progress continues to be made, with a new, experienced senior management team now in place, and revenues over 50% up on the prior year, at an annual run-rate of some £70m. In our Interim Results on 27 March, we stated that the outturn for the year to 30 June 2015 would be heavily dependent on trading in the final few months, which are critical months for sales across the major businesses in the Group. Although almost all divisions are trading profitably, the final few months' trading is expected to be disappointing with ebitda, after central costs, markedly below expectations. Actions are in train both to address the underlying business performance and to establish the platform ever more firmly to facilitate future growth.
Results for the full year will be released during the first two weeks of September.
For further information, please contact: | |
Progility plc | |
Wayne Bos, Executive Chairman | 020 7371 4444 |
Hugh Cawley, CFO |
|
www.progility.com
| |
SPARK Advisory Partners Limited (Nominated Adviser) | |
Mark Brady | 020 3368 3551 |
Sean Wyndham-Quin | 020 3368 3555 |
W H Ireland Limited (Broker) | |
Adrian Hadden/Mark Leonard | 020 7220 1666 |
Group Description
Progility plc, the systems integrator and project management services firm has four divisions: Technology Solutions, Training, Consulting and Recruitment.
Technology Solutions
The technology solutions division comprises Progility Technologies in Australia and India and Starkstrom in the UK.
Progility Technologies operates a communication systems integration business that designs, implements and maintains solutions for medium and large enterprises with a focus on the rail, port, oil and gas, power, water and healthcare industries in Australia, on the healthcare, hospitality, financial services, public sector, manufacturing, education and IT sectors in India and on the mining industry globally.
The Australian business, which was merged with the Group in October 2013, is headquartered in Melbourne, Australia. The Indian business joined the Group in December 2014, is headquartered in Mumbai, operating through a network of 21 offices throughout India.
Starkstrom is a UK based project management services' company specialising in manufacturing and supplying medical infrastructure equipment for operating theatres and intensive care units. Acquired in July 2014, Starkstrom is headquartered in north west London and with a manufacturing and assembly facility in Leicester.
Training
The training division comprises ILX Group, which provides a blend of on-line learning, games and simulations, traditional classroom training, practical workshops and coaching. ILX delivers training in the UK's best management practice products, primarily in PRINCE2, MSP and ITIL.
Consulting
The consulting division comprises Obrar in the UK and Progility Consulting in Australia.
Recruitment
The recruitment division comprises TFPL and Sue Hill Recruitment in the UK.
Progility Finco is a wholly owned subsidiary of Progility which was incorporated as a special purpose vehicle in order to issue loan notes which would be admitted to the Official List of the Channel Islands Securities Exchange Authority to help meet the financing requirements of the Group.