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Trading Update

25 Jan 2005 14:54

Sanctuary Group PLC25 January 2005 Tuesday 25th January 2005 The Sanctuary Group plc Pre Full Year Results Trading Update The Sanctuary Group plc ("Sanctuary" or the "Group"), which will announce itspreliminary results for the year ended 30th September 2004 on Thursday 27thJanuary, is today making a statement in advance of these results regarding apreviously unanticipated provision and a Book Publishing division loss that havearisen during its audit process. Extraordinary item - Cloud 9 In discussion with the Group's auditors, the Board has decided that it isprudent to make a provision of £11.4m against loan notes issued in connectionwith the sale in 2003 of its television business, Cloud 9. The Board took the strategic decision to withdraw from Cloud 9 in 2003 deemingit to be a non-core business. The business was sold to its founder as a goingconcern for £28.5m in loan notes. Sanctuary retains security over theintellectual property rights (including 5 complete series of the global sellingseries "The Tribe" and "The Enid Blyton Adventure Series") against default onthe loan notes over a period of a further 15 years and is entitled to receiverevenues from Cloud 9's catalogue activities. The Board believes that Cloud 9 remains a viable business and had allowed forthe founder to restructure the business during early 2004 and to initiate newprojects. However, revenues have been slower to materialise than had beenexpected and the Directors regard the provision to be both prudent andappropriate at this time. Book Publishing division loss, and impact on Operational Trading and ConsensusFigures The Group has until now expected to meet market consensus expectations for thefull year to 30th September 2004, being c£27m for EBITDA and c£18m forNormalised PBT. However, it became apparent during the final discussions withthe Group's auditors that certain provisions and write-offs to the tradingresults for the Group's non-core Book Publishing division were required. Thishas resulted in book publishing reporting a loss of £2.1m for the year comparedto market expectations of breakeven which will have a direct impact on theperformance of the Group. The Group has taken action to restructure thisdivision and the Board does not expect any further losses to arise. Broader trading performance in line with expectations The Board has emphasised that the core trading divisions of Records, ArtistManagement, Live Agency and Merchandising have all performed to expectations. Inaddition, the Group expects to announce improvements to the cash conversion rateas well as recoupment levels against advances, as forecast in the pre-closetrading update issued in November 2004. The Group will announce its preliminary results on Thursday 27th January 2004. Ends. For further information, please contact: The Sanctuary Group plcAndy Taylor, Executive Chairman +44 (020) 7300 6618 Mike Miller, Finance Director +44 (020) 7300 6618 Philip Ranger, Director, Corporate & Investor Relations +44 (020) 7300 1323 +44 (0)7768 534 641 Eddy Leviten, Head of Communications +44 (020) 7300 6542 +44 (0)7768 057 464 Merlin Paul Downes or Rebecca Penney +44 (020) 7653 6620 This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
3rd Jul 200710:20 amRNSEPT Disclosure
2nd Jul 20072:33 pmRNSRule 8.3- Sanctuary Group Plc
29th Jun 200711:37 amRNSEPT Disclosure
29th Jun 200710:17 amRNSHolding(s) in Company
27th Jun 20075:39 pmRNSHolding(s) in Company
27th Jun 20075:34 pmRNSHolding(s) in Company
27th Jun 20071:02 pmRNSRule 8.3- Sanctuary Group
27th Jun 200710:29 amRNSHolding(s) in Company
27th Jun 200710:18 amRNSHolding(s) in Company
27th Jun 200710:00 amRNSEPT Disclosure
26th Jun 20072:17 pmRNSHolding(s) in Company
26th Jun 200712:49 pmRNSRule 8.3- Sanctuary Grp
26th Jun 20079:42 amRNSEPT Disclosure
25th Jun 20075:04 pmRNSHolding(s) in Company
25th Jun 20072:50 pmPRNRule 8.3 - The Sanctuary Group plc
25th Jun 200712:43 pmRNSRule 8.3- Sanctuary Group
25th Jun 20078:38 amRNSEPT Disclosure
25th Jun 20077:00 amRNSRule 8.3-Sanctuary Group PLC
22nd Jun 20073:42 pmRNSRule 8.3- Sanctuary Group PLC
22nd Jun 20072:34 pmPRNRule 8.3 - Sanctuary
22nd Jun 200711:37 amRNSRule 8.3- Sanctuary Group
22nd Jun 200710:11 amRNSEPT Disclosure
21st Jun 20073:42 pmRNSOffer Document Posted
20th Jun 20073:00 pmRNSPrior Notice of Merger
20th Jun 20079:51 amRNSEPT Disclosure
19th Jun 200710:12 amRNSEPT Disclosure
19th Jun 20078:00 amRNSHolding in Company
18th Jun 20072:48 pmPRNRule 8.3 - Sanctuary Group plc
18th Jun 20078:34 amRNSEPT Disclosure
15th Jun 200710:54 amRNSRule 8.1- Sanctuary Group PLC
15th Jun 20079:29 amRNSEPT Disclosure
15th Jun 20077:02 amRNSRec Offer for Sanctuary Group
15th Jun 20077:01 amRNSInterim Results
14th Jun 20072:55 pmPRNRule 8.3 - Sanctuary
14th Jun 200710:00 amRNSEPT Disclosure
13th Jun 20079:17 amRNSEPT Disclosure
12th Jun 20079:56 amRNSEPT Disclosure
11th Jun 20072:49 pmPRNRule 8.3 - Sanctuary Group plc
11th Jun 20078:52 amRNSEPT Disclosure
8th Jun 200711:14 amRNSEPT Disclosure
6th Jun 200711:15 amRNSEPT Disclosure
5th Jun 20072:53 pmPRNRule 8.3 - Sanctuary Group plc
5th Jun 20079:07 amRNSEPT Disclosure
4th Jun 20075:19 pmRNSEPT Disclosure-Amendment
4th Jun 200711:59 amRNSEPT Disclosure - Amendment
4th Jun 200710:21 amRNSEPT Disclosure
1st Jun 200710:21 amRNSEPT Disclosure
31st May 20079:28 amRNSEPT Disclosure
30th May 20079:26 amRNSEPT Disclosure
29th May 20078:01 amRNSEPT Disclosure

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