INVO Invocas

 

TIDMINVO 
 
RNS Number : 0892R 
Invocas Group plc 
24 April 2009 
 
 
 
INVOCAS GROUP PLC 
("Invocas", the "Company" or the "Group") 
PRE CLOSE STATEMENT 
 
 
Invocas Group plc, one of the UK's leading providers of personal debt solutions, 
today provides the following update on trading for its financial year ended 31 
March 2009. 
 
 
Market conditions in the personal and corporate markets are favourable for our 
business. We have seen demand for both our formal and informal personal debt 
solutions and our corporate insolvency services continue to increase 
significantly, although the full benefits of increases in numbers are tempered 
by increasing pressures on margins. 
 
 
The overall number of Trust Deed cases signed during the six months represents 
an increase of some 25 per cent. from the total for the six months ended 
30 September 2008, and approximately 49 per cent. from the same period last 
year. On the basis of the numbers of Trust Deeds published, we believe that we 
were the leading provider of Trust  Deeds in the last quarter and are increasing 
our market share. 
 
 
The numbers of Individual Voluntary Arrangement ("IVA") cases and debt 
management plans signed in the last six months were also significantly up, 
albeit from previous low levels, and the Group has seen an increase in the 
number and size of corporate insolvency appointments, a trend that we expect to 
continue as the effects of the overall economic recession work through. 
 
 
In line with our strategy of being self reliant in the generation of our leads, 
Newtomorrow, our advice centre and marketing subsidiary, now supplies 
approximately 70 per cent. of Trust Deed opportunities and 75 per cent. of all 
revenue opportunities within the Group. 
 
 
Newtomorrow Broker Services continues to grow distribution channels with a newly 
recruited team of business development managers covering the UK established in 
this period. To date, the numbers of referrals have been slower than anticipated 
but we are now seeing increasing monthly revenue opportunities from existing 
relationships and, as a consequence of a select number of key new commercial 
alliances, we are anticipating that this channel will deliver a much improved 
performance in the coming year. 
 
During this period, we have, however, suffered from lower recoveries on our IVA 
services than we had expected reflecting the fee parameters agreed with 
creditors and the early stage of the development of our IVA business. 
 
 
As a result of this factor, in particular, we expect that the result for the 
year ended 31 March 2009 will be at the lower end of the range of market 
forecasts. 
 
 
The Group has a strong balance sheet with net cash of GBP1.6m as at 31 March 
2009. 
 
 
The Group intends to announce its preliminary results on Wednesday 24 June 2009. 
 
 
 
 
 
 
For further information: 
 
 
+--------------------------------------------+--------------------------------------+ 
| Invocas Group plc                          | Tel: +44(0)20 7554 1400              | 
| Howard Bell, Chairman                      | Tel: +44(0)131 222 2460              | 
| Stephen Lightley, CEO                      |                                      | 
|                                            |                                      | 
+--------------------------------------------+--------------------------------------+ 
| Kreab Gavin Anderson (Financial PR         | Tel: +44(0)20 7554 1400              | 
| Adviser)                                   | Email: invocas@gavinanderson.co.uk   | 
| James Benjamin / Michael Turner / Anthony  |                                      | 
| Hughes                                     |                                      | 
+--------------------------------------------+--------------------------------------+ 
| Charles Stanley Securities (Nominated      | Tel: +44 (0)20 7149 6000             | 
| Adviser)                                   |                                      | 
| Philip Davies/ Carl Holmes                 |                                      | 
+--------------------------------------------+--------------------------------------+ 
 
 
Website: www.invocas.com 
 
 
Notes to editors 
Invocas is one of the UK's leading providers of personal debt solutions. Its 
Personal Insolvency Division is firmly established as a leading provider of 
Protected Trust Deeds (Scottish equivalent of IVAs). Invocas applies stringent 
minimum case acceptance criteria. It will only accept a case if it is likely to 
progress smoothly to completion and result in a successful outcome which 
balances the interests of both the indebted individual and their creditors. 
 
 
The Group's Newtomorrow service aims to provide indebted individuals with the 
right advice, first time, every time. This is achieved in a caring and 
professional manner by a team of highly experienced debt advisors delivering 
front line advice. Further information on Newtomorrow can be found at 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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