INFS Infoserve

 

TIDMINFS 
 
RNS Number : 2468B 
Infoserve Group PLC 
23 October 2009 
 

Infoserve Group plc 
 
 
Trading Statement 
 
 
Infoserve Group plc ("Infoserve", the "Company" or the "Group") announces the 
following trading update in respect of the six months ended 30 September 2009: 
 
 
The unaudited results for the six months ended 30 September 2009 are in line 
with the trading statement made at the AGM on 17 September 2009 and continue to 
reflect the Group's improving performance. Top line sales* increased to 
GBP3,061k in the six months ended 30 September 2009 from GBP2,590k, an increase 
of 18%, whilst gross profit* increased to GBP1,107k from GBP792k (+40%). 
Continued tight control of administrative costs contributed to a small EBITDA* 
profit compared to a loss of GBP377k in the comparable period last year. 
 
 
(* Excludes IAS 18 revenue recognition adjustment of (GBP113k) 2009 and +GBP51k 
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). 
 
 
Trading in October has continued at similar levels to September. 
 
 
On an underlying basis, the Group is now performing at or around breakeven 
EBITDA, with small cash inflows from trading. However as noted in the year end 
accounts and the Final Results statement to the market, the Group remains 
undercapitalised, leaving it able to operate at current trading levels but 
unlikely to be able to continue to grow at its present rate without additional 
funding.The Group has recently attempted to raise funds to grow the business and 
cover working capital commitments, and has approached a number of existing 
shareholders and new sources of finance. However it has been unable to raise any 
funds from these meetings and consequently the Group is continuing its 
discussions with its major shareholder, David Hood. These discussions are 
focusing on Mr Hood providing the group with the necessary finance in order that 
the group may continue to trade at the current levels of growth. The group will 
keep shareholders informed of any developments in these discussions in due 
course. 
 
 
The Group plans to announce its Interim Results during early December 2009. 
 
 
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, Finance Director   | Tel: 0113 238 6200              | 
| 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 
 
 TSTBXBDGUSDGGCD 
 

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