TSE Touchstone Grp

    RNS Number : 7485H
  Touchstone Group PLC
  07 November 2008
   
    Touchstone Group plc ('Touchstone' or 'the Group')
    Contract termination & trading statement

    The Group has received notification of the termination of a contract with a client for the provision of a bespoke business solution, the
majority of which was recognised in the Group's last financial year.  The cancellation follows a change of ownership of the client and the
acquiring company no longer requiring the system. The Board has sought assurances from the new owners on outstanding amounts but was
informed today that unsettled amounts on the contract will be witheld. 

    The Board is reviewing its options for final settlement of the account with its advisors but given the current uncertain economic
climate, the Board has prudently decided to provide for the full exposure on the project. The impact of this provision, estimated at
�250,000 coupled with previously announced mixed trading in the first half of the Group's financial year, will now result in a small loss at
the operating level for the six months to 30 September 2008.

    Given current market conditions the Group's core divisions are performing satisfactorily. Additionally, those divisions that have
developed their own Intellectual Property and the newly formed iCRM division are experiencing good levels of business and enquiries. Other
under-performing areas have had cost efficiencies/reviews implemented that are expected to benefit future trading periods

    The Group's interim results for the six months to 30 September 2008 are expected to be released on 5th December 2008.


    Enquiries to:
Keith Birch, Chief Executive Officer
Touchstone Group plc                                            020 7121 4700

    Matt Davis
Brewin Dolphin (NOMAD)                                    0845 213 4852


This information is provided by RNS
The company news service from the London Stock Exchange
 
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