Trading Update; Restoration of Dividend (2085F)
20 April 2011 - 4:00PM
UK Regulatory
TIDMILX
RNS Number : 2085F
ILX Group PLC
20 April 2011
ILX Group PLC
("ILX" or the "Group")
TRADING UPDATE and SECTOR CHANGE
RESTORATION OF DIVIDEND PROPOSED
ILX Group plc (AiM: ILX), the AIM quoted provider of e-learning
software and consulting services, is pleased to provide an update
on trading for the year ended 31 March 2011. The Company expects
its results to meet market expectations.
Turnover from continuing operations is expected to be GBP12.9
million (2010: GBP11.9 million) and profit before tax from
continuing operations is expected to exceed GBP1.4 million (2010:
GBP0.8 million), representing growth in excess of 75%.
The UK Best Practice operations have had a strong year,
maintaining sales and improving margins despite the difficult
economic climate. This trend has continued into the current
financial year with the recently announced major contract win which
is not only substantial in its own right but will give ILX the
ability to work with and to influence some of the key decision
makers in Government.
The International division has shown very strong growth during
the year with sales up by 70% to GBP3 million and its contribution
to operating profit almost doubling. The Australian office in
particular has exceeded expectations, achieving sales in its first
year of AUS$2.3 million, including a $180,000 contract with one of
the largest state legislatures in Australia, to provide PRINCE2 and
MSP Foundation e-learning and related consulting.
As a result of the capital restructuring, and based on the
expected results, the Directors intend to recommend to shareholders
at the AGM in September a resumption in the dividend payment, and
for the year just ended to propose a payment of 1.5p per share,
with the offer of a scrip alternative.
In addition, reflecting the increasing focus on a technology led
learning model, ILX has sought and obtained a reclassification in
sector from 2793 "Business Training and Employment Agencies" to
9537 "Software". This change will be implemented with an effective
date of 20 June 2011.
Preliminary results are expected to be announced in late
June.
Ken Scott, Chief Executive, ILX Group commented:
"I am pleased with the Company's performance in the year ended
31 March 2011. The decline and subsequent closure of CTG was at the
time a significant disappointment. However, the continuing business
has performed extremely well and we now have a vibrant and growing
company with considerable potential for future growth both in the
UK, where market conditions remain challenging, and
Internationally.
"We have recently announced a number of major orders with
international companies and with UK Government. Overall, the
outlook for the current year is positive.
"The resumption of the dividend is a key part of our commitment
to translate these results into shareholder value and we are
hopeful that the change of sector will help investors understand
more clearly the focus of the business and the scalability inherent
in it."
20 April 2011
For further information, please contact:
ILX Group plc 020 7751 7100
Ken Scott, Chief Executive
FinnCap 020 7600 1658
Marc Young, Charlotte Stranner - Corporate
Finance
Tom Jenkins, Joanna Weaving - Corporate
Broking
Lothbury Financial Services Limited 020 7868 2010
Michael Padley / Chris Roberts
Editors' Note
ILX Group plc (www.ilxgroup.com) is a leading provider of
vocational training to the private and public sectors, offering a
variety of accredited courses, delivered through e-learning. It has
developed its own proprietary software and is the market leader in
PRINCE2. It trades through two divisions:
1. Best Practice provides e-learning, instructor-led training
and implementation consultancy principally to the programme and
project management, IT service management and business finance
markets.
2. International was formed in late 2009 and provides e-learning
and implementation consultancy in overseas markets. Offices have
been established in Australia, Dubai, Denmark, The Netherlands, and
USA.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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