Last checked at 10 May 2011 07:00
For release at 07.00am on 10 May 2011
Adventis Group Plc ("ATG.L")
("Adventis" or the "Group")
Trading Update
On 27th January 2011 the Group reported some uplift in the Technology, Media and Property divisions during 2010 but a further downturn in trading for the Adventis Health division and that, despite the stronger than hoped for result from the three divisions, the loss created in the Health division would impact on the Group result. At that time, the Board announced that it expected the consolidated profit before tax, excluding exceptional items and goodwill impairment, for the year ended 31 December 2010 to be approximately GBP0.45m.
Since then, a new Chairman with turnaround experience, Nick Winks, has been appointed together with a new Group Finance Director, Andy Pearson, who have reviewed all 2010 divisional and consolidated results together with the Group's auditors.
It is now apparent that the loss generated in the Health division together with various other adjustments will impact adversely on the Group's consolidated results for 2010. The Board currently expects the consolidated results before tax, excluding exceptional items and goodwill impairment, for the full year 2010 to show a small loss.
There is also likely to be a significant goodwill write down attributable to the downturn of the Health division.
It is anticipated that the preliminary full year 2010 results will be announced on 23rd May 2011.
Enquiries:
Adventis Group Plc
Nick Winks, Chairman 07973 316544
Charles Phillpot, CEO 01494 731608
Arbuthnot Securities Limited
Tom Griffiths 020 7012 2000
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