Dods Group PLC Trading Statement (5706N)
21 January 2019 - 6:00PM
UK Regulatory
TIDMDODS
RNS Number : 5706N
Dods Group PLC
21 January 2019
The information contained within this announcement (the
"Announcement") is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014. Upon the publication of this Announcement via
Regulatory Information Service, this inside information is now
considered to be in the public domain.
21 Jan 2019
Dods Group plc
("Dods" or "the Group")
Trading Update
Dods, a leading business intelligence, data, events, media and
training company, issues the following trading update.
Trading performance
The Group has experienced challenging trading conditions in the
UK over the past three months given its political and policy focus
in both the UK and Europe. Whilst trading in October and November
was broadly in line with our expectations, December closed
significantly behind in response to unprecedented political
uncertainty.
With fourth quarter revenues forecast to be lower than
anticipated, against a backdrop of increased costs of delivery due
to long lead time contracts, the Group has revised its expectations
for the current financial year. The Board now expects significantly
lower than forecasted adjusted EBITDA and a loss before tax
(excluding non-cash impairments) for the year ending 31st March
2019.
With lower than expected new product revenues and contribution
from the 30% Associate investment of GBP1.7m in the previous year,
the Board is undertaking a review of the software, infrastructure,
product offering, investments and intangibles to assess any further
impairment impact for the year.
The Group continues to hold material cash reserves and has no
debt. As at 31st December 2018 the Group held GBP7.3m cash at bank,
including restricted cash of GBP1.27m.
Outlook
The Board is cognisant that the current hiatus in political
decision making could continue to adversely affect our business
beyond the current financial year end. With this in mind we remain
focused on deploying the Company's robust balance sheet to generate
growth through potential merger and/or acquisitions in related
market sectors whilst continuing to preserve and invest in the
Group's heritage brand and assets.
Whilst the market is challenging, the Board remains confident
that, in conjunction with potential investments, the Group is
capable of sustainable profit streams in the longer term.
For further information, please contact:
Dods Group Plc
Simon Presswell- CEO 020 7593 5500
Nitil Patel- CFO
Cenkos
Nicholas Wells 020 7397 8900
Mark Connelly
Callum Davidson
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END
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