News & Press
1st October 2009
Hasgrove plc (AIM: HGV, “Hasgrove”, “the Group”), the pan European marketing and communications services group, announces its interim results for the six month period to 30 June 2009.
Challenging year but future pipeline remains strong.
- Turnover of £15.9m (2008: £16.4m)
- Gross Profits of £13.2m (2008: £13.1m)
- Headline PBT of £1.3m (2008: £2.1m)
- Headline basic EPS of 4.8p (2008: 7.7p)
- Net debt reduced to £5.5m (31 December 2008: £6.0m)
- Operating cash flow of £1.8m, representing a cash conversion of 166%
- Streamlined into two operating divisions; Public Affairs and Strategic Communications, and Digital and Communication Services
- Consolidation of three Amaze offices into one central Manchester location completed by end of 2009
- Future revenue pipeline remains strong
Rod Hyde, Group Chief Executive, said:
“As stated previously, we had a slow start to the year with the sales cycle being extended for large projects and margins impacted by pre-sales activities. We have focussed on integrating further our businesses into two main streams as well as controlling costs.
“Despite the testing economic conditions, we have won significant international assignments in digital, association management and corporate communications during the last few months. On an annualised basis these recent wins will more than make up for the lost revenues earlier in the year and position us well for 2010.
“During the year, people across Hasgrove have shown tremendous skill, tenacity and sheer determination in extremely difficult trading conditions and have continued to deliver real growth opportunities for the Group.”