2 Aug 2018 07:00
2 August 2018
Porta Communications Plc
("Porta" or "the Company" or "the Group")
Notice of Results and Trading Statement
Porta Communications Plc (AIM: PTCM) expects to announce its unaudited Interim Results for the six months ended 30 June 2018 on 4 September 2018.
Commenting on first half trading John Foley, Chairman of Porta, made the following statement:
"I am pleased to report that the new management team is making great progress and can confirm that our trading performance for the first half of the year was ahead of management expectations on an Adjusted EBITDA basis.
"As anticipated in the Full Year results announcement of 30 April 2018, the consolidation of the cost base and operating structures of certain UK companies did impact first half performance; however Adjusted EBITDA is expected to be no more than 15% lower than the equivalent period in 2017.
"As a result of this consolidation, as noted in my statement of 30 April 2018, the cost base of the UK business was reduced by £1.9m and I can report that since then a further £1m of non-performing costs have been removed. The Group now has a much stronger and more appropriate foundation from which to deliver future profitable trading growth.
"The Company is also having positive ongoing discussions with its lender, Retro Grand Limited, regarding the refinancing of the £5.2m convertible 364-day loan that matured on 29 June 2018 and expects to provide the market with a further update in due course."
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The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries to:
Porta Communications Plc
John Foley, Chairman
Brian Tyson, Joint CEO
Emma Kane, Joint CEO
+44 (0) 20 7680 6550
Newgate Communications (Media Enquiries)
Bob Huxford
Adam Lloyd
+44 (0) 20 7680 6550
porta@newgatecomms.com
Grant Thornton UK LLP (Nominated Adviser)
Samantha Harrison
Ben Roberts
Seamus Fricker
+44 (0) 207 383 5100
N+1 Singer (Broker)
Mark Taylor
Lauren Kettle
+44 (0) 20 7496 3000
Notes to Editors
· Porta is a fully integrated communications agency, operating locally, nationally and internationally, with specialisms including financial, corporate and consumer public relations, public affairs and research and multi-capability marketing, brand and creative communications.
· The group has offices in Abu Dhabi, Beijing, Brisbane, Bristol, Canberra, Cardiff, Edinburgh, Hong Kong, London, Manchester, Melbourne, Perth, Shanghai, Singapore and Sydney.
· The brands and companies it owns are Newgate Communications, Redleaf Communications, Publicasity and 2112 Communications.
· Further information on Porta Communications is available at www.portacomms.com