INFS Infoserve

 

TIDMINFS 
 
RNS Number : 1904Z 
Infoserve Group PLC 
17 September 2009 
 

Infoserve Group plc 
 
 
AGM Statement 
 
 
Infoserve Group plc ("Infoserve" or the "Company"), a leading online local 
search marketing specialist, will be holding its Annual General Meeting at 10.00 
am today. 
 
 
James Newman, Chairman, will provide the following trading update:- 
 
 
"The unaudited results for the five months ended 31 August 2009 reflect the 
continued improvement in the Group's performance. Top line sales* increased from 
GBP2,112k in the five months ended 31 August 2008 to GBP2,514k, an increase of 
19%, whilst gross profit* increased from GBP654k to GBP860k (+32%). Continued 
tight control of administrative costs contributed to an GBP8k EBITDA* profit 
from a loss of GBP330k in the comparable period last year.An EBIT* loss of 
GBP80k for the five months showed a reduction from a GBP458k loss in 2008. 
 
 
(* Excludes IAS 18 revenue recognition adjustment of (GBP95k) 2009 and +GBP54k 
2008. The IAS 18 accounting adjustment spreads sales evenly over the life of the 
directory listing as opposed to top line sales which refers to cash received in 
any such period.). 
 
 
Productivity per sales executive for the period was maintained at last year's 
record level of GBP23k despite a major recruitment campaign, which would 
normally be expected to reduce productivity because of the higher percentage of 
less experienced sales staff. 
 
 
Cash inflow from trading activity (excluding working capital fluctuations) for 
the first five months of the financial year was GBP8k. Ongoing capital 
expenditure remains under tight control and was kept at GBP18k for the period. 
The Group has met all its deferred payment obligations to HMRC and the PAYE 
element has now been settled in full. 
 
 
Performance over the last three months has shown further continued improvement, 
with cash generated from trading averaging GBP26k per month. Once again, the 
impact of the IAS18 revenue adjustment means that cash generation 
exceeds reported EBITDA by some GBP38k per month. 
 
 
As Group revenues grow, so the available renewal revenues increase (over 50% of 
revenue still comes from renewals). The Group also expects the current trend of 
growing new business sales to be maintained and, therefore, revenues to continue 
to improve. During July and August, the traditionally quiet holiday season, 
average sales per day reached new historic highs. The Group expects daily 
revenues to continue to increase in the traditionally busy pre-Christmas 
period." 
 
 
For further information, please contact: 
 
 
+--------------------------------------+---------------------------------+ 
| Infoserve Group plc                  | www.infoservegroup.com          | 
| Steve Barnes, Chief Executive        | Tel:  0113 238 6200             | 
| steve.barnes@infoserve.com           |                                 | 
+--------------------------------------+---------------------------------+ 
| Jonathan Simpson, Interim Finance    | Tel: 0113 238 6200              | 
| Director                             |                                 | 
| jonathan.simpson@infoserve.com       |                                 | 
|                                      |                                 | 
+--------------------------------------+---------------------------------+ 
| Nominated Adviser                    | Tel:  0161 832 2174             | 
| WH Ireland Limited                   |                                 | 
| Robin Gwyn                           |                                 | 
+--------------------------------------+---------------------------------+ 
 
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 AGMCKAKKABKDDCD 
 

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