PTCM.L Regulatory News (PTCM)

15 Jul 2009 13:59



Wednesday 15th July 2009

TSE Group PLC

(the "Company" or "TSE")

Result of Annual General Meeting

The Board of TSE announces that at today's AGM all resolutions were duly passed. The Chairman delivered the following trading update at the AGM.

Trading update 

Whilst we are currently preparing the interim results, which we intend to announce in August, it is clear that trading for the first six months of the year has been strong with revenues expected to be at least 20% ahead of the same period last year, which will result in a strong profits growth for the period ended June 2009 (compared to the corresponding period last year).

We are delighted to announce that a new TSE Consulting office was opened in Dubai, UAE on July 1st. This office, which will service the Middle East region, has already been in discussions with a number of potential clients in both UAE and Qatar. TSE has historically serviced clients in the UAE, Bahrain, Qatar and Saudi Arabia from its Swiss head office, but with the establishment of this new office, under the Directorship of Donna Stilling, TSE is well positioned to capitalise on opportunities in the growing market for the hosting of international sporting events. The opening of the Dubai office continues the progress of TSE's carefully considered geographical expansion plans alongside the development of new business services being provided to its global client base. In addition to its head office in Switzerland, TSE now has offices in the UK, the USA, Denmark, Russia, South Africa, the UAE, Turkey and China.

Lars Haue-Pedersen, Managing Director of TSE Consulting SA said "TSE's new Dubai office will provide consultancy services to the governments of the region, an area that has already demonstrated its passion and determination to attract the world's major sporting events. The addition of this Middle Eastern hub for TSE fits perfectly with our plans for a completely global reach for the consultancy services that we currently offer to governments, cities and sports organisations in other countries." 

Following these first six months trading, TSE Consulting has now contracted 70% of its annual budgeted income and is on target for a record year.

-Ends-

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