TSE Touchstone Grp

 

TIDMTSE 
 
RNS Number : 3357O 
Touchstone Group PLC 
04 March 2009 
 

 
 
 
 
 
 
Touchstone Group plc 
("Touchstone" or the "Group") 
 
Trading Update 
Touchstone Group plc, the AIM-quoted provider of business software solutions and 
consultancy services today announces an update on current trading. 
The Board has continued with the cost reduction programme announced at the time 
of the Group's interim results in December 2008 and as a result overheads in 
certain underperforming divisions are now more appropriately balanced. 
Furthermore, general headcount levels are now approximately 15% lower than at 
the beginning of the financial year. 
The Board has also decided to re-structure certain operations within its largest 
subsidiary. In doing so the Directors believe that the appropriate management 
and experience can be aligned to specific product groups and clients. This 
should help reduce future central costs and create a more agile operation that 
is focused on providing a more efficient service to all clients. 
Whilst the Board is pleased to note that certain of its divisions are performing 
well in a challenging environment, the costs of the restructure, coupled with 
the general downturn suggests that the Group's adjusted year-end results may now 
fall below market expectations. 
Despite difficult market conditions, Touchstone has been successful in signing 
contracts with new clients valued at over GBP1m in recent weeks. Further, the 
Group has also been selected as preferred supplier for over GBP2m of new project 
work. Accordingly, the Board is confident that the Group's product portfolio and 
niche market orientation continues to provide real competitive edge in 
challenging conditions. 
Going forward, the Board is confident that a more streamlined and responsive 
operation should benefit future trading and provide an excellent platform for 
growth should economic conditions improve. 
Enquiries to: 
Keith Birch, Chief Executive Officer 
Touchstone Group plc 020 7121 4700 
Matt Davis 
Alison Barrow 
Brewin Dolphin (NOMAD)0845 270 8600 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTKGGGFVDMGLZM 
 

Touchstone Grp (LSE:TSE)
Historical Stock Chart
From May 2024 to Jun 2024

Touchstone Grp (LSE:TSE)
Historical Stock Chart
From Jun 2023 to Jun 2024